How many units were produced last period? How many pounds of direct material were purchased and used in production? What was the actual cost per pound of material? (Round your answer to 2 decimal places.) How many actual direct labor-hours were worked during the period? What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) How much actual variable manufacturing overhead cost was incurred during the period?

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:
( 2)
Standard
(1) Standard
Quantity or
Standard
Price
Cost
(1) × (2)
$34.44
$15.70
$ 9.40
Inputs
Direct materials
Hours
or Rate
2.10 pounds
$16.40 per pound
$15.70 per hour
$ 9.40 per hour
Direct labor
1.00 hours
Variable manufacturing overhead
1.00 hours
$59.54
Total standard cost per unit
Total
Variances Reported
Price
Quantity or
Efficiency
$
Standard
Cost*
or Rate
$654,360 $ 12,151 F
$298,300 $ 4,000 U
$ 32,800 U
$
Direct materials
Direct labor
$ 15,700 U
Variable manufacturing overhead
$178,600 $ 4,400 F
*Applied to Work in Process during the period.
The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased
during the period were used in production. Work in process inventories are insignificant and can be ignored.
Transcribed Image Text:Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: ( 2) Standard (1) Standard Quantity or Standard Price Cost (1) × (2) $34.44 $15.70 $ 9.40 Inputs Direct materials Hours or Rate 2.10 pounds $16.40 per pound $15.70 per hour $ 9.40 per hour Direct labor 1.00 hours Variable manufacturing overhead 1.00 hours $59.54 Total standard cost per unit Total Variances Reported Price Quantity or Efficiency $ Standard Cost* or Rate $654,360 $ 12,151 F $298,300 $ 4,000 U $ 32,800 U $ Direct materials Direct labor $ 15,700 U Variable manufacturing overhead $178,600 $ 4,400 F *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored.
Required:
1. How many units were produced last period?
2. How many pounds of direct material were purchased and used in production?
3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)
4. How many actual direct labor-hours were worked during the period?
5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.)
6. How much actual variable manufacturing overhead cost was incurred during the period?
1.
Number of units produced
19,000
2.
Pounds of direct material purchased and used in production
3.
Actual cost per pound
4.
Actual direct labor-hours
5.
Actual rate per direct labor-hour
6.
Actual variable manufacturing overhead cost
Transcribed Image Text:Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? 1. Number of units produced 19,000 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost
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