Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts...
90.2K
Verified Solution
Question
Accounting
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:
Inputs | (1) Standard Quantity or Hours | (2) Standard Price or Rate | Standard Cost (1) (2) | ||||
Direct materials | 2.30 | pounds | $ | 16.50 | per pound | $ | 37.95 |
Direct labor | 1.00 | hours | $ | 15.60 | per hour | $ | 15.60 |
Variable manufacturing overhead | 1.00 | hours | $ | 9.30 | per hour | $ | 9.30 |
Total standard cost per unit | $ | 62.85 | |||||
Total | Variances Reported | |||||||
Standard Cost* | Price or Rate | Quantity or Efficiency | ||||||
Direct materials | $ | 607,200 | $ | 11,252 | F | $ | 33,000 | U |
Direct labor | $ | 249,600 | $ | 3,400 | U | $ | 15,600 | U |
Variable manufacturing overhead | $ | 148,800 | $ | 4,200 | F | $ | ? | U |
*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.
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?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.