Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from itsstandard cost system:InputsDirect materialsDirect laborVariable manufacturingoverheadTotal standard cost perunitDirect materialsDirect laborVariable manufacturingoverhead(1) StandardQuantity orHours2.20 pounds1.00 hours1.00 hours3. Actual cost per pound4. Actual direct labor-hoursTotalStandardCost*(2) StandardPrice or Rate$ per16.20 pound$ per15.50 hour$ 9.50 per1. Number of units produced2. Pounds of direct material purchased and used inproduction5. Actual rate per direct labor-hour6. Actual variable manufacturing overhead costVariances ReportedPrice orRate$ 10,150 F$534,600$232,500142,500*Applied to Work in Process during the period.The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of thematerials purchased during the period were used in production. Work in process inventories are insignificant and canbe ignored.hour$ 3,200 U$ 4,400 FQuantity orEfficiency$ 32,400 URequired: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?Note: 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?Note: Round your answer to 2 decimal places.6. How much actual variable manufacturing overhead cost was incurred during the period?StandardCost (1) x(2)$35.64$15.50$9.50$60.64$ 15,500 U$ ?tu

The variance arises when the budgeted performance is not matching with actual performance. The…

Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost* (2) Standard Price or Rate $ per 16.20 pound $ per 15.50 hour $ 9.50 per hour Variances Reported Price or Rate Quantity or Efficiency Standard Cost (1) × (2) $ 35.64 $ 15.50 $9.50 $ 60.64

Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost* (2) Standard Price or Rate $ per 16.20 pound $ per 15.50 hour $ 9.50 per hour Variances Reported Price or Rate Quantity or Efficiency Standard Cost (1) × (2) $ 35.64 $ 15.50 $9.50 $ 60.64

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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