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) Inputs Direct materials Direct

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) Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Standard Price or Rate $16.30 per pound $15.10 per hour $ 9.40 per hour Standard Cost (1) X (2) $35.86 $15.10 $ 9.40 $60.36 Total Variances Reported Standard Price Quantity or Cost Or Rate Efficiency $573, 760 $10,788 F $ 32,600 U $241,600 $ 3,400 U $ 15,100 U $150,400 $ 4,000 F $ atu Direct materials Direct labor Variable manufacturing overhead *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? 1. Number of units produced Pounds of direct material purchased and used in production 16,000 37.2001 N

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Ph.D. Sangster, Alan

12th Edition

0273767925, 9780273767923

More Books

Students also viewed these Accounting questions