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 | 2.50 | pounds | $ | 16.30 | per pound | $ | 40.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct labor | 1.00 | hours | $ | 16.10 | per hour | $ | 16.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable manufacturing overhead | 1.00 | hours | $ | 9.50 | per hour | $ | 9.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total standard cost per unit | $ | 66.35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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