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Vitex, Incorporated manufactures a populer 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 whit (1) (2) Quantity or our 2.40 pounds 1.00 hours 1.00 hours (3) Standard (2) Standard Price or Standard Cost Rate 16.40 per pound 15.50 per hour 19.40 per hour Total Standard Cont $756,960 $ 294,500 $ 178,600 3. Actual cost per pound 4 Actual dret abor hours Actual rate per direct labor hour Actual variable manufacturing overhead cost Variances Reported 1. Number of units produced 2. Pounds of dred material purchased and used in production Price of Rate $13,904 F $4,000 $4,600 F Quantity or Efficiency $33,200 U 15,00 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. 439.84 $15.50 $44.74 Required: 1. How many units were produced lest 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 populer 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 whit (1) (2) Quantity or our 2.40 pounds 1.00 hours 1.00 hours (3) Standard (2) Standard Price or Standard Cost Rate 16.40 per pound 15.50 per hour 19.40 per hour Total Standard Cont $756,960 $ 294,500 $ 178,600 3. Actual cost per pound 4 Actual dret abor hours Actual rate per direct labor hour Actual variable manufacturing overhead cost Variances Reported 1. Number of units produced 2. Pounds of dred material purchased and used in production Price of Rate $13,904 F $4,000 $4,600 F Quantity or Efficiency $33,200 U 15,00 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. 439.84 $15.50 $44.74 Required: 1. How many units were produced lest 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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Direct materials Direct labor Variable manufacturing overhead (1) Standard Quantity or Hours 2.40 pounds 1.00 hours 1.00 hours Total Standard Cost $756,960 $ 294,500 $ 178,600 (1) (2) (2) Standard Price or Standard Cost Rate $16.60 per pound $15.50 per hour $9.40 per hour Variances Reported 1. Number of units produced 2. Pounds of direct matenal purchased and used in production 3. Actual cost per pound 4 Actual direct labor hours 5 Actual rate per direct labor hour le. Actual variable manufacturing overhead cost Price or Rate $ 13,004 F $4,000 U $4,600 F Quantity or Efficiency $33,200 U $15.500 U $39.84 $15.50 $9.40 $64.74 "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?
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 Direct materials Direct labor Variable manufacturing overhead (1) Standard Quantity or Hours 2.40 pounds 1.00 hours 1.00 hours Total Standard Cost $756,960 $ 294,500 $ 178,600 (1) (2) (2) Standard Price or Standard Cost Rate $16.60 per pound $15.50 per hour $9.40 per hour Variances Reported 1. Number of units produced 2. Pounds of direct matenal purchased and used in production 3. Actual cost per pound 4 Actual direct labor hours 5 Actual rate per direct labor hour le. Actual variable manufacturing overhead cost Price or Rate $ 13,004 F $4,000 U $4,600 F Quantity or Efficiency $33,200 U $15.500 U $39.84 $15.50 $9.40 $64.74 "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?
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