Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system Vitex, Inc. manufactures a popular

Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system

image text in transcribedimage text in transcribed
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Direct materials 2.26 pounds $16. 59 per pound 5 36.30 Direct labor LB hours $15.48 per hour 5 15.48 Variable manufacturing overhead 1.66 hours $ 9.46 per hour $ 9.49 Total standard cost per unit Direct materials $653,466 $ 12,864 F $ 33,866 U Direct labor $2??,2w $ 3,833 U 5 15,4BGU Variable manufacturing overhead $159,266 $ 4,366 F 5 P1- 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 insignicant and can be ignored. Required: 1- How many units were produced last period? 1 How manyr pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of maten'al? {Round your answer to 2 decimal places.} 4. How mam.r actual direct laborhours were worked during the period? 5- What was the actual rate paid per direct laborhour? {Round your answer to 2 decimal places} 6- How much actual variable manufacturing overhead cost was incurred during the period? I Number of units produced - Pounds of direct maten'al purchased and used in production - - _ - __

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions

Question

How can a firm pay a dividend with zero free cash flow?

Answered: 1 week ago