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?

Principles of Accounting Volume 2
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ISBN:9781947172609
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Chapter6: Activity-based, Variable, And Absorption Costing
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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.
6. How much actual variable manufacturing overhead cost was incurred during the period?
1. Number of units produced
2. Pounds direct material purchased and used in production
3. Actual cost per pound
4. Actual direct labor-hours
5. Actual rate per direct labor-hour
6. Actual variable manufacturing overhead cost
Transcribed Image Text: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. 6. How much actual variable manufacturing overhead cost was incurred during the period? 1. Number of units produced 2. Pounds direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost
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) × (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
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
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 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.
6. How much actual variable manufacturing overhead cost was incurred during the period?
Transcribed Image Text: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) × (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 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 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 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. 6. How much actual variable manufacturing overhead cost was incurred during the period?
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