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 Hours(2)
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 RateStandard
Cost
(1) (2)Direct materials2.30pounds$16.60per pound$38.18Direct labor1.00hours$16.00per hour$16.00Variable manufacturing overhead1.00hours$9.20per hour$9.20Total standard cost per unit$63.38
TotalVariances ReportedStandard
Cost*Price
or RateQuantity or
EfficiencyDirect materials$610,880$11,252F$33,200UDirect labor$256,000$3,400U$16,000UVariable manufacturing overhead$147,200$4,800F$??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?
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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