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 | $ | 16.20 | per pound | $ | 37.26 |
Direct labor | 1.00 | hours | $ | 15.20 | per hour | $ | 15.20 |
Variable manufacturing overhead | 1.00 | hours | $ | 9.20 | per hour | $ | 9.20 |
Total standard cost per unit | $ | 61.66 | |||||
Total | Variances Reported | |||||||
Standard Cost* |
Price or Rate |
Quantity or Efficiency |
||||||
Direct materials | $ | 707,940 | $ | 13,253 | F | $ | 32,400 | U |
Direct labor | $ | 288,800 | $ | 4,000 | U | $ | 15,200 | U |
Variable manufacturing overhead | $ | 174,800 | $ | 4,800 | 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?
1. Actual Units Produced = Total Standard Material Cost /
Standard Material Cost per unit
= $707940 / $37.26 = 19000 units
2. Direct Material Quantity Variance = (Actual Quantity -
Standard Quantity) x Standard Price
$32400 = (Actual Quantity - 19000 x 2.30) x $16.20
Actual Quantity = 45700 pounds
3. Direct material Price Variance = (Actual price - Standard
price) x Actual quantity
($13253) = (Actual price - $16.20) x 45700
Actual Price = $15.91 per pound
4. Direct labor efficiency variance = (Actual hours - Standard
hours) x Standard rate
$15200 = (Actual hours - 19000 x 1) x $15.20
Actual hours = 20000 hours
5. Direct labor rate variance = (Actual rate - Standard rate) x
Actual hours
$4000 = (Actual Price - $15.20) x 20000
Actual price = $15.40 per hour
6. Variable overhead rate variance = (Actual rate - Standard
rate) x Actual hours
($4800) = (Actual Price - $9.20) x 20000
Actual Price = $8.96 per hour
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard co...
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: Inputs (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) × (2) Direct materials 2.10 pounds $ 16.80 per pound $ 35.28 Direct labor 1.00 hours $ 15.40 per hour $ 15.40 Variable manufacturing overhead 1.00 hours $ 9.20 per hour $ 9.20 Total standard cost per unit $ 59.88 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 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: plz solve this Q 10 Check my work 33 1 Standard Quantity or Standard Standard Price Cost (1) (2) S33.81 15.40 Inputs Direct materials Direct labor lours or Rate 2.10 pounds 1.00 hours $16.10 per pound $15.40 per hour 9.20 per hour S9.20 Variable manufacturing overhead 1.00 hours 10 $58.41 Total standard cost per unit points 04:0324 Variances Reported Total...
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 (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: 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 (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: (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...
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (2) Standard Standard Cost (1) Standard Quantity Price (1) x or Hours or Rate (2) per 2.20 pounds 16.70 pound 1.00 hours $15.80 per hour $15.80 1.00 hours * 9.60 per hour $ 9.60 $62.14 Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit $36.74 Total Variances Reported Standard Price Quantity or Cost or Rate Efficiency...