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Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 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 Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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 purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?

Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 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 Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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 purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 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 Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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 purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?
Transcribed Image Text:Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 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 Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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 purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Quantity or Efficiency $ 34,000 U $ 16,000 U $?tu 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?
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