You have recently accepted a position with Vitex, Inc, the manufacturer of a popular consumer product. During your first week on the job, the vice president has been favorably impressed with your work She has been so impressed, in fact, that yesterday she called you into her office and asked you to attend the executive committee meeting this morning for the purpose of leading a discussion on the variances reported for last period. Anxious to favorably impress the executive commitee, you took the variances and supporting data home last night to study On your way to work this morning, the papers were laying on the seat of your new, red convertible As you were crossing a bridge on the highway, a sudden gust of wind caught the papers and blew them over the edge of the bridge and into the stream below You managed to retrieve only one page, which contains the following information Standard Cost Card Direct materials, 2.50 pounds at $17,00 per pound Direct labor, 1.00 direct labor-hours at $15.60 per direct labor-hour Variable manufacturing overhead, 1.00 direct labor-hours at $9 60 per direct labor-hour 5 42.50 15 60 5 9.60 Variances Reported Price or Rate S 13,630 F S 3,800 U Quantity or Total Standard Cost Direct materials Direct labor Variable manufacturing Efficiency S 34,000 U s 15,600 u S 765,000 $ 172,800 overhead Applied to Work in Process during the period Entry obliterated You recall that manufacturing overhead cost is applied to production on the basis of direct labor-hours and that all of the materials purchased during the period were used in production. Work in pracess inventories are insignificant and can be ignored It is now 8:30 a m The executive committee meeting starts in just one hour you realize that to avoid looking like a bungling fool you must somehow generate the necessary "backup data for the variances before the meeting begins Without backup data it will be mpossible to lead the discussion or answer any questions 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) 3 Answer is complete but not entirely correct. Actual cost per pound 5 2.21 4 How many actual direct labor-hours were worked during the period? Answer is complete but not entirely correct. Actual direct labor hours 16 5 What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Actual rate per direct labor hour $ 9.36 6. How much actual variable manufacturing overhead cost was incurred during the period? 3 Answer is complete but not entirely correct. Actual variable manufacturing overhead $168,480