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 committee, you took the variances and supporting data home last night to study. Direct materials, 2.50 pounds at $16.40 per pound $ 41.00 Direct labor, 1.00 direct labor-hours at $15.50 per direct labor-hour $ 15.50 Variable manufacturing overhead, 1.00 direct labor-hours at $9.50 per direct labor-hour $ 9.50 Total Standard Cost* Variances Reported Price or Rate Quantity or Efficiency Direct materials $ 615,000 $ 11,455 F $ 32,800 U Direct labor $ 232,500 $ 3,200 U $ 15,500 U Variable manufacturing overhead $ 142,500 $ 4,000 F $ ? U How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? What was the actual cost per pound of material? How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour?How much actual variable manufacturing overhead cost was incurred during the period?