Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: (2) Standard Price Standard Cost (1) Standard Quantity or Hours 2.20 pounds 1.00 hours (1) x (2) $ 37.62 $15.50 $9.40 1.00 hours $ 62.52 Inputs Direct materials. Direct labor Variable manufacturing overhead Total standard cost per unit Direct materials Direct labor Variable manufacturing overhead Total Standard Cost* $ 677,160 $ 279,000 $ 169,200 or Rate $ 17.10 per pound $15.50 per hour $9.40 per hour Variances Reported Price or Rate $ 12,064 F $ 3,800 U $4,200 F Quantity or Efficiency $ 34,200 U $ 15,500 U $ ?tu Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production based on 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? 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. 5. How much actual variable manufacturing overhead cost was incurred during the period?
Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: (2) Standard Price Standard Cost (1) Standard Quantity or Hours 2.20 pounds 1.00 hours (1) x (2) $ 37.62 $15.50 $9.40 1.00 hours $ 62.52 Inputs Direct materials. Direct labor Variable manufacturing overhead Total standard cost per unit Direct materials Direct labor Variable manufacturing overhead Total Standard Cost* $ 677,160 $ 279,000 $ 169,200 or Rate $ 17.10 per pound $15.50 per hour $9.40 per hour Variances Reported Price or Rate $ 12,064 F $ 3,800 U $4,200 F Quantity or Efficiency $ 34,200 U $ 15,500 U $ ?tu Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production based on 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? 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. 5. How much actual variable manufacturing overhead cost was incurred during the period?
Chapter6: Activity-based, Variable, And Absorption Costing
Section: Chapter Questions
Problem 5PB: Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units...
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