Case 10-17 (Algo) Working Backwards from Variance Data )LO10-1, LO10-2, LO10-3) 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?Number of units producedPounds of direct material purchased and used in productionActual cost per poundActual direct labor-hours1.2.3.4.5.Actual rate per direct labor-hour6.Actual variable manufacturing overhead cost Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3]Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:(2)(1) StandardQuantity orStandardPriceStandardCostor Rate$16.60 per pound$15.50 per hour$ 9.50 per hour(1) x (2)$ 38.18$ 15.50$ 9.50$ 63.18InputsDirect materialsHours2.30 poundsDirect labor1.00 hoursVariable manufacturing overhead1.00 hoursTotal standard cost per unitVariances ReportedQuantity orEfficiency$ 33,200 U$ 15,500 UTotalStandardPriceor Rate$610,880 $ 1,252 F$248,000 $ 3,400 UCost*Direct materialsDirect laborVariable manufacturing overhead$152,000 $ 4,900 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 purchasedduring the period were used in production. Work in process inventories are insignificant and can be ignored.

Variance:- It means when there is a deviation between actual output and standard output. Companies…

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? Number of units produced Pounds of direct material purchased and used in production Actual cost per pound 1. 2. 3. 4. Actual direct labor-hours

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? Number of units produced Pounds of direct material purchased and used in production Actual cost per pound 1. 2. 3. 4. Actual direct labor-hours

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 2E

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Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
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ACE CORP HAS THE FOLLOWING DL STANDARDS: DLHRS/UNIT 1.25 DL COST/HR $32 ACE USED 21,780 DLHRS TO PRODUCE 18,000 UNITS. ACTUAL DL COSTS = $713,295. WHAT IS THE AMOUNT OF THE DL PRICE VARIANCE? ___________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE? ___________ REFER TO QUESTION 1. WHAT IS THE AMOUNT OF THE DL EFFICIENCY VARIANCE? _________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE__________
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