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 Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?
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 Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Direct labor
Variable manufacturing overhead
Total standard cost per unit
(1) Standard
Quantity or Hours
Total
2.40 pounds
1.00 hours
1.00 hours
Standard Cost*
$734,400
$ 288,000
$ 165,600
5. Actual rate per direct labor-hour
6. Actual variable manufacturing overhead cost
(2) Standard Price or Standard Cost (1)
Rate
x (2)
$17.00 per pound
$ 40.80
$ 16.00
$ 16.00 per hour
$ 9.20 per hour
$9.20
$ 66.00
Variances Reported
1. Number of units produced
2. Pounds of direct material purchased and used in production
3. Actual cost per pound
4. Actual direct labor-hours
Price or Rate
$ 13,108 F
$ 3,800 U
$ 4,300 F
Direct materials
Direct labor
Variable manufacturing overhead
*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.
Quantity or
Efficiency
$ 34,000 U
$ 16,000 U
$?tu
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?
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