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 | 2.40 | pounds | $ | 16.70 | per pound | $ | 40.08 |
Direct labor | 1.00 | hours | $ | 15.30 | per hour | $ | 15.30 |
Variable manufacturing overhead | 1.00 | hours | $ | 9.30 | per hour | $ | 9.30 |
Total standard cost per unit | $ | 64.68 | |||||
Total | Variances Reported | |||||||
Standard Cost* | Price or Rate | Quantity or Efficiency | ||||||
Direct materials | $ | 681,360 | $ | 12,412 | F | $ | 33,400 | U |
Direct labor | $ | 260,100 | $ | 3,600 | U | $ | 15,300 | U |
Variable manufacturing overhead | $ | 158,100 | $ | 4,700 | 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?
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Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:
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 2.40 pounds $ 17.10 per pound $ 41.04 Direct labor 1.00 hours $ 15.30 per hour $ 15.30 Variable manufacturing overhead 1.00 hours $ 9.30 per hour $ 9.30 Total standard cost per unit $ 65.64 Total Variances Reported Standard Cost* Price...
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 2.10 pounds $ 16.30 per pound $ 34.23 Direct labor 1.00 hours $ 15.80 per hour $ 15.80 Variable manufacturing overhead 1.00 hours $ 9.30 per hour $ 9.30 Total standard cost per unit $ 59.33 Total Variances Reported Standard Cost* Price...
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 $ 17.10 per pound $ 39.33 Direct labor 1.00 hours $ 15.90 per hour $ 15.90 Variable manufacturing overhead 1.00 hours $ 9.30 per hour $ 9.30 Total standard cost per unit $ 64.53 Total Variances Reported Standard Cost* Price...
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 2.20 pounds $ 16.70 per pound $ 36.74 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 $ 61.64 Total Variances Reported Standard Cost* Price...
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 Price Cost (1) (2) Inputs Direct naterials Direct labor Variable manufacturing overhead Bours or Rate 2.20 pounds 1.00 hours $16.10 per pound $15.90 per hour $9.30 per hour $35.42 $15.90 S9.30 1.00 hours $60.62 Total standard cost per unit Variances Reported Total Standard Price Quantity or Efficiency $32,200 U $15,900 U Cost or...
Vitex, Inc, 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 2.30 pounds 1.00 hours 1.00 hours (2) Standard Price or Rate $16.80 per pound $15.00 per hour $ 9.50 per hour Standard Cost (1) x (2) $38.64 $15.80 $ 9.5e $63.94 Direct materials Direct labor Variable manufacturing overhead Total Variances Reported Standard...
Vitex, Inc. 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 Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Price Or Rate $16.70 per pound $15.90 per hour $ 9.20 per hour Cost (1) (2) $36.74 $15.90 $ 9.20 $61.84 Direct materials Direct labor Variable manufacturing overhead Total Variances Reported Standard Price Quantity or Cost. Or Rate...
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Sta (2) Standard Price or Rate (1) Standard Quantity or Hours Standard Cost (1) x (2) Inputs $ per $38.64 2.30 pounds 1.00 hours 16.80 pound $15.50 per hour $15.50 Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit 1.00 hours 9.40 per hour $ 9.40 $63.54 Total Variances Reported Standard Price Quantity or Cost* or Rate...
Vitex, Inc. 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 2.10 pounds 1.00 hours 1.00 hours (2) Standard Price or Rate $16.50 per pound $15.20 per hour 9.20 per hour Standard Cost (1) (2) $34.65 $15.20 $9.20 $59.05 Direct materials Direct labor Variable manufacturing overhead Total Variances Reported Standard Price Quantity or...
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: (2) Standard Standard Cost (1) Standard Quantity (1) x (2) Price Inputs or Hours or Rate per 16.80 pound $15.40 per hour $. 36.96 $15.40 Direct materials Direct labor Variable manufacturing 2.20 pounds 1.00 hours 9.10 overhead 1.00 hours 9.10 per hour Total standard cost per $61.46 unit Variances Reported Price Quantity or or Rate Efficiency $33,600 U $15,400 U...