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? Number of units produced Pounds of direct material purchased and used in production Actual cost per pound 1. 2. 3. 4. Actual direct labor-hours
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? Number of units produced Pounds of direct material purchased and used in production Actual cost per pound 1. 2. 3. 4. Actual direct labor-hours
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Case 10-17 (Algo) Working Backwards from Variance Data )LO10-1, LO10-2, LO10-3)
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?
Number of units produced
Pounds of direct material purchased and used in production
Actual cost per pound
Actual direct labor-hours
1.
2.
3.
4.
5.
Actual rate per direct labor-hour
6.
Actual variable manufacturing overhead cost
![Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3]
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:
(2)
(1) Standard
Quantity or
Standard
Price
Standard
Cost
or Rate
$16.60 per pound
$15.50 per hour
$ 9.50 per hour
(1) x (2)
$ 38.18
$ 15.50
$ 9.50
$ 63.18
Inputs
Direct materials
Hours
2.30 pounds
Direct labor
1.00 hours
Variable manufacturing overhead
1.00 hours
Total standard cost per unit
Variances Reported
Quantity or
Efficiency
$ 33,200 U
$ 15,500 U
Total
Standard
Price
or Rate
$610,880 $ 1,252 F
$248,000 $ 3,400 U
Cost*
Direct materials
Direct labor
Variable manufacturing overhead
$152,000 $ 4,900 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F43ee94ef-72d6-420b-afde-dad6101e81bf%2F8ff41341-ea63-459e-8c32-cff84b7ba257%2Foexmplk_processed.png&w=3840&q=75)
Transcribed Image Text:Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3]
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:
(2)
(1) Standard
Quantity or
Standard
Price
Standard
Cost
or Rate
$16.60 per pound
$15.50 per hour
$ 9.50 per hour
(1) x (2)
$ 38.18
$ 15.50
$ 9.50
$ 63.18
Inputs
Direct materials
Hours
2.30 pounds
Direct labor
1.00 hours
Variable manufacturing overhead
1.00 hours
Total standard cost per unit
Variances Reported
Quantity or
Efficiency
$ 33,200 U
$ 15,500 U
Total
Standard
Price
or Rate
$610,880 $ 1,252 F
$248,000 $ 3,400 U
Cost*
Direct materials
Direct labor
Variable manufacturing overhead
$152,000 $ 4,900 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.
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