Vitex, Inc. manufactures a popular consumer product and It has provided the following data excerpts from Its standard cost systen (2) Standard Standard (1) standard Quantity or Price Cost or Rate $17.10 per pound $15.60 per hour $ 9.20 per hour Inputs Direct materials (1) x (2) $ 42.75 $ 15.60 $ 9.20 $ 67.55 Hours 2.50 pounds 1.00 hours Direct labor Variable manufacturing overhead 1.00 hours Total standard cost per unit Variances Reported Quantity or Efficiency $ 34, 200 U $ 15,680 U Total Standard Price or Rate $769,500 $ 13,630 F $280, 800 $ 3,800 U Cost* Direct materials Direct labor Variable manufacturing overhead $165,600 $ 4,600 F 24 *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 materlals purcha during the period were used in production. Work In process Inventories are insignificant and can be ignored. Requlred: 1. How many units were produced last period? 2. How many pounds of direct materlal 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 pald per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual varlable manufacturing overhead cost was Incurred during the perlod?
Vitex, Inc. manufactures a popular consumer product and It has provided the following data excerpts from Its standard cost systen (2) Standard Standard (1) standard Quantity or Price Cost or Rate $17.10 per pound $15.60 per hour $ 9.20 per hour Inputs Direct materials (1) x (2) $ 42.75 $ 15.60 $ 9.20 $ 67.55 Hours 2.50 pounds 1.00 hours Direct labor Variable manufacturing overhead 1.00 hours Total standard cost per unit Variances Reported Quantity or Efficiency $ 34, 200 U $ 15,680 U Total Standard Price or Rate $769,500 $ 13,630 F $280, 800 $ 3,800 U Cost* Direct materials Direct labor Variable manufacturing overhead $165,600 $ 4,600 F 24 *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 materlals purcha during the period were used in production. Work In process Inventories are insignificant and can be ignored. Requlred: 1. How many units were produced last period? 2. How many pounds of direct materlal 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 pald per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual varlable manufacturing overhead cost was Incurred during the perlod?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help with #4, 5, and 6. Thank you!
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
Standard
(1) standard
Quantity or
Price
Cost
or Rate
$17.10 per pound
$15.60 per hour
$ 9.20 per hour
Inputs
Direct materials
(1) x (2)
$ 42.75
$ 15.60
$ 9.20
$ 67.55
Hours
2.50 pounds
1.00 hours
Direct labor
Variable manufacturing overhead
1.00 hours
Total standard cost per unit
Variances Reported
Quantity or
Efficiency
$ 34, 200 U
$ 15,680 U
Total
Standard
Price
or Rate
$769,500 $ 13,630 F
$280, 800 $ 3,800 U
Cost*
Direct materials
Direct labor
Variable manufacturing overhead
$165,600 $ 4,600 F
24
*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 materlals purchased
during the period were used in production. Work In process Inventories are insignificant and can be ignored.
Requlred:
1. How many units were produced last period?
2. How many pounds of direct materlal 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 pald per direct labor-hour? (Round your answer to 2 decimal places.)
6. How much actual varlable manufacturing overhead cost was Incurred during the perlod?
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