Vitex, Inc. manufactures a popular consumer product and It has provided the following data excerpts from Its standard cost system:(2)StandardStandard(1) standardQuantity orPriceCostor Rate$17.10 per pound$15.60 per hour$ 9.20 per hourInputsDirect materials(1) x (2)$ 42.75$ 15.60$ 9.20$ 67.55Hours2.50 pounds1.00 hoursDirect laborVariable manufacturing overhead1.00 hoursTotal standard cost per unitVariances ReportedQuantity orEfficiency$ 34, 200 U$ 15,680 UTotalStandardPriceor Rate$769,500 $ 13,630 F$280, 800 $ 3,800 UCost*Direct materialsDirect laborVariable manufacturing overhead$165,600 $ 4,600 F24*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 materlals purchasedduring the period were used in production. Work In process Inventories are insignificant and can be ignored.Requlred:1. How many units were produced last period?2. How many pounds of direct materlal 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 pald per direct labor-hour? (Round your answer to 2 decimal places.)6. How much actual varlable manufacturing overhead cost was Incurred during the perlod?

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Vitex, Inc. manufactures a popular consumer product and It has provided the following data excerpts from Its standard cost system: (2) standard (1) standard Quantity or standard Cost Price Inputs Direct materials Direct labor Hours 2.50 pounds 1.ee hours or Rate $17.10 per pound $15.60 per hour $ 9.20 per hour (1) x (2) $ 42.75 $ 15.60 $ 9.20 $ 67.55 Variable manufacturing overhead 1.e0 hours Total standard cost per unit Variances Reported Quantity or Efficiency $ 34, 200 U $ 15,600 U Total standard Price or Rate Cost $769,500 $ 13,630 F $280, see $ 3,see u Direct materials Direct labor variable manufacturing overhead $165,6e0 $ 4,600 F "Applied to Work In Process during the perlod. The company's manufacturing overhead cost is appled 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. Requlred: 1. How many units were produced last perlod? 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 perlod? 5. What was the actual rate pald per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual varlable manufacturing overhead cost was incurred during the perlod?

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5EA: Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost...