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: (2) (1) Standard Standard Standard

image text in transcribed
image text in transcribed
Vitex, Inc manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: (2) (1) Standard Standard Standard Quantity or Price Cost Inputs Hours or Rate Direct materials (1) (2) 2.30 pounds $16.70 per pound $38.41 Direct labor 1.00 hours $15.40 per hour $15.40 Variable manufacturing overhead 1.00 hours $ 9.20 per hour $ 9.20 Total standard cost per unit $63.01 ? Total Variances Reported Standard Price Quantity or Cost or Rate Efficiency Direct materials $652,970 511,919 F $ 33, 400 V Direct labor $261,800 $ 3.600 U $ 15,400 U Variable manufacturing overhead $156, 400 $ 4,000 F $ *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? 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 pald per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? 2 3 Number of units produced Pounds of direct material purchased and used in production Actual cost per pound Actual direct labor-hours Actual rate per direct lobor-hour Actual variable manufacturing overhead cost 4 5 6

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

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian edition

978-1119496496

Students also viewed these Accounting questions