Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Direct labor Inputs Direct

image text in transcribed

Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Direct labor Inputs Direct materials Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.40 pounds 1.00 hours 1.00 hours (2) Standard Price or Standard Cost (1) Rate $ 16.60 per pound $ 15.80 per hour (2) $39.84 $15.00 $ 9.60 per hour $9.60 $ 65.24 Total Standard Cost Price or Rate Varlances Reported Quantity or efficiency Direct materials $717,120 $ 13,108 F $33,200 U Direct labor $284,400 $3,800 U $ 15,800 Variable manufacturing overhead $172,800 $4,700 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

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

Managerial Accounting A Focus on Ethical Decision Making

Authors: Steve Jackson, Roby Sawyers, Greg Jenkins

5th edition

324663854, 978-0324663853

More Books

Students also viewed these Accounting questions

Question

Develop a preliminary focus for your research.

Answered: 1 week ago