Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Variable manufacturing overhead (1) Standard Quantity or Hours 2.40 pounds 1.00 hours 1.00 hours (2) Standard Price Standard Cost (1) × (2) $ 39.60 $ 16.00 or Rate $16.50 per pound $ 16.00 per hour $ 9.60 per hour $ 9.60 $ 65.20 Direct labor Total standard cost per unit Total Standard Cost⭑ Price or Rate Direct materials $ 633,600 $ 11,716 F Direct labor $ 256,000 $ 3,400 U Variances Reported Quantity or Efficiency $ 33,000 U $ 16,000 U Variable manufacturing overhead $ 153,600 $ 4,000 F $ ?t U "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 2. Pounds of direct material purchased and used in production 3. Actual cost per pound $ 16,000 39,076 35.20 4. Actual direct labor-hours
Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Variable manufacturing overhead (1) Standard Quantity or Hours 2.40 pounds 1.00 hours 1.00 hours (2) Standard Price Standard Cost (1) × (2) $ 39.60 $ 16.00 or Rate $16.50 per pound $ 16.00 per hour $ 9.60 per hour $ 9.60 $ 65.20 Direct labor Total standard cost per unit Total Standard Cost⭑ Price or Rate Direct materials $ 633,600 $ 11,716 F Direct labor $ 256,000 $ 3,400 U Variances Reported Quantity or Efficiency $ 33,000 U $ 16,000 U Variable manufacturing overhead $ 153,600 $ 4,000 F $ ?t U "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 2. Pounds of direct material purchased and used in production 3. Actual cost per pound $ 16,000 39,076 35.20 4. Actual direct labor-hours
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost
system:
Inputs
Direct materials
Variable manufacturing overhead
(1) Standard
Quantity or Hours
2.40 pounds
1.00 hours
1.00 hours
(2) Standard Price
Standard Cost
(1) × (2)
$ 39.60
$ 16.00
or Rate
$16.50 per pound
$ 16.00 per hour
$ 9.60 per hour
$ 9.60
$ 65.20
Direct labor
Total standard cost per unit
Total
Standard
Cost⭑
Price or Rate
Direct materials
$ 633,600
$ 11,716 F
Direct labor
$ 256,000
$ 3,400 U
Variances Reported
Quantity or
Efficiency
$ 33,000 U
$ 16,000 U
Variable manufacturing overhead
$ 153,600
$ 4,000 F
$ ?t U
"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
2. Pounds of direct material purchased and used in production
3. Actual cost per pound
$
16,000
39,076
35.20
4. Actual direct labor-hours
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