Question
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) (2) Direct materials 2.30 pounds $ 16.90 per pound $ 38.87 Direct labor 1.00 hours $ 15.60 per hour $ 15.60 Variable manufacturing overhead 1.00 hours $ 9.60 per hour $ 9.60 Total standard cost per unit $ 64.07 Total Variances Reported Standard Cost* Price or Rate Quantity or Efficiency Direct materials $ 621,920 $ 11,252 F $ 33,800 U Direct labor $ 249,600 $ 3,400 U $ 15,600 U Variable manufacturing overhead $ 153,600 $ 5,000 F $ ? U *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? b. How many pounds of direct material were purchased and used in production? c. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) d. How many actual direct labor-hours were worked during the period? e. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) f. How much actual variable manufacturing overhead cost was incurred during the period?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started