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 Cost Price Inputs Direct materials Direct labor Hours 2.50 pounds 1.ee hours or Rate $17.10 per pound $15.60 per hour $ 9.20 per hour (1) x (2) $ 42.75 $ 15.60 $ 9.20 $ 67.55 Variable manufacturing overhead 1.e0 hours Total standard cost per unit Variances Reported Quantity or Efficiency $ 34, 200 U $ 15,600 U Total standard Price or Rate Cost $769,500 $ 13,630 F $280, see $ 3,see u Direct materials Direct labor variable manufacturing overhead $165,6e0 $ 4,600 F "Applied to Work In Process during the perlod. The company's manufacturing overhead cost is appled 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. Requlred: 1. How many units were produced last perlod? 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 perlod? 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 system: (2) standard (1) standard Quantity or standard Cost Price Inputs Direct materials Direct labor Hours 2.50 pounds 1.ee hours or Rate $17.10 per pound $15.60 per hour $ 9.20 per hour (1) x (2) $ 42.75 $ 15.60 $ 9.20 $ 67.55 Variable manufacturing overhead 1.e0 hours Total standard cost per unit Variances Reported Quantity or Efficiency $ 34, 200 U $ 15,600 U Total standard Price or Rate Cost $769,500 $ 13,630 F $280, see $ 3,see u Direct materials Direct labor variable manufacturing overhead $165,6e0 $ 4,600 F "Applied to Work In Process during the perlod. The company's manufacturing overhead cost is appled 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. Requlred: 1. How many units were produced last perlod? 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 perlod? 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
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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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