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 (1) Standard Quantity or Standard

image text in transcribed

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 Standarod Cost Inputs Direct materials Direct labor Variable manufacturing overhead Hours 2.20 pounds $16.20 per pound 1.00 hours 15.20 per hour 1.00 hours$9.5 $35.64 $15.20 $ 9.50 $60.34 Total standard cost per unit Total Variances Reported Standard Price Quantity or or Rate Efficiency Cost* Direct materials Direct labor Variable manufacturing overhead $641,520 $12,064 F 32,400 U $273,600$ 3,800 U 15,200 U ? U $171,000 4,200F $ 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

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

Democratic Audit Of Poland 2014

Authors: Radoslaw Markowski, Michal Kotnarowski, Michal Wenzel, Marta Zerkowska-Balas

1st Edition

3631656912, 978-3631656914

More Books

Students also viewed these Accounting questions