Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show all work. Thank you very much! Case 10-17 Working Backwards from Variance Data [LO010-1, L010-2, L010-3] Vitex, Inc. manufactures a popular consumer product

image text in transcribed

Please show all work. Thank you very much!

Case 10-17 Working Backwards from Variance Data [LO010-1, L010-2, L010-3] Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system (1) Standard Quantity or Standard Price or Rate Standard Cost Hours Inputs Direct materials Direct labor Variable manufacturing overhead 2.20 pounds $16.90 per pound 1.00 hours $15.80 per hour 1.00 hours 9.40 per hour $37.18 $15.80 $ 9.40 62.38 Total standard cost per unit Variances Reported Total Standard Price Quantity or Rate Efficiency Cost* $594,880 $ 10,788 F 33,800 U $252,800 3,400 U$ 15,800 U $150,400 $ 4,900 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 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? 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 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost 16,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems Performance Measurement Evaluation And Incentives

Authors: Kenneth Merchant, Wim Van Der Stede

3rd Edition

0273737619, 978-0273737612

More Books

Students also viewed these Accounting questions

Question

Define human resource management.

Answered: 1 week ago