1. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)

2. How much actual variable manufacturing overhead cost was incurred during the period

Show the steps please.

You have recently accepted a position with Vitex Inc., the manufacturer of a popular consumer product. During your first week on the job, the vice president has been favorably impressed with your work. She has been so impressed in fact, that yesterday she called you into her office and asked you to attend the executive committee meeting this morning for the purpose of Ieading a discussion on the variances reported for last period. Anxious to favorably impress the executive committee, y took the variances and supporting data home last night to study On your way to work this morning, the papers were laying on the seat of your new, red convertible. As you were crossing a bridge on the highway, a sudden gust of wind caught the papers and blew them over the edge of the bridge and into the stream below. You managed to retrieve o one page, which contains the following information Standard Cost Card Direct materials, 2.40 pounds at $16.60 per pound 39.84 Direct labor 1 00 direct labor-hours at $15.50 per direct labor-hour 15.50 Variable manufacturing overhead 1.00 direct labor-hours at $9.40 per direct labor-hour 9.40 Variances Reported Total Standard Price Quantity or Cost or Rate Efficiency Direct materials 717,120 $13,108 F $33,200 U 279,000 Direct labor 3,800 U $15,500 U 4,800 F Variable manufacturing overhead 169,200 t U Applied to Work in Process during the period Entry obliterated You recall that manufacturing overhead cost is applied to production o the basis of direct t labor-hours and that all of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored It is now 8:30 a.m. The executive committee meeting starts in just one hour, you realize that to avoid looking like a bungling fool you must somehow generate the necessary backup" data for the variances before the meeting begins. Without backup d it will be impossible to lead the discussion or answer any questions