Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard...
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Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Direct materials Direct labor (1) Standard Quantity or Hours (2) Standard Price or Rate 6 pounds 0.8 hours $ 3 per pound Standard Cost (1) x (2) $ 18.00 $ 15 per hour 0.8 hours $ 3 per hour $ 12.00 $ 2.40 $ 32.40 Total Standard Cost* Price or Rate $ 405,000 $ 6,900 F Variances Reported Quantity or Efficiency $ 9,000 U $ 270,000 $ 14,550 U $ 54,000 $ 1,300 F $ 21,000 U $ ? U Variable manufacturing overhead *Applied to Work In Process during the period. The company's manufacturing overhead cost is applied to production based on 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? Note: 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? Note: 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 Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Direct materials Direct labor (1) Standard Quantity or Hours (2) Standard Price or Rate 6 pounds 0.8 hours $ 3 per pound Standard Cost (1) x (2) $ 18.00 $ 15 per hour 0.8 hours $ 3 per hour $ 12.00 $ 2.40 $ 32.40 Total Standard Cost* Price or Rate $ 405,000 $ 6,900 F Variances Reported Quantity or Efficiency $ 9,000 U $ 270,000 $ 14,550 U $ 54,000 $ 1,300 F $ 21,000 U $ ? U Variable manufacturing overhead *Applied to Work In Process during the period. The company's manufacturing overhead cost is applied to production based on 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? Note: 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? Note: 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
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Answer rating: 100% (QA)
To answer your questions lets analyze the given data step by step 1 Number of units produced The standard quantity of direct labor hours is 88 hours per unit and the actual direct laborhours variance ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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