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: Case 10-17 Working Backwards from

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

Case 10-17 Working Backwards from Variance Data [LO10-1, LO10-2, L010-3] Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system (1) Standard Quantity or Standard Price or Rate Standard Cost Inputs Direct materials Direct labor Variable manufacturing overhead Hours 2.10 pounds 1.00 hours 1.00 hours $16.40 per pound $15.80 per hour $9.30 per hour $ 34.44 $ 15.80 9.30 $59.54 Total standard cost per unit Variances Reported Price Total Standard Quantity or Efficiency $654, 360 12,151 F $32,800 U $300,200 $ 4,000 U $15,800 U Cost or Rate Direct materials Direct labor Variable manufacturing overhead $176,700 4,600 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? 1.Number of units produced 2. Pounds of direct material purchased and used in production 3 Actual cost per pound 4. Actual direct labor-hours 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost

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_2

Step: 3

blur-text-image_3

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

13th Edition

007232726X, 9780072327267

More Books

Students also viewed these Accounting questions

Question

Describe a department managers role in the union organizing process

Answered: 1 week ago