A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ=Actual Quantity SQ=Standard Quantity AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost X X $ 8 per unit 300,000 pounds 61,000 units $ 525,000 X Standard Cost X X

Vitex, Incorporated 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 $ 16.30 per pound $ 35.86 Direct labor 1.00 hours $ 15.80 per hour $ 15.80 Variable manufacturing overhead 1.00 hours $ 9.50 per hour $ 9.50 Total standard cost per unit         $ 61.16     Total Variances Reported Standard Cost* Price or Rate Quantity or Efficiency Direct materials $ 681,340 $ 12,702 F $ 32,600 U Direct labor $ 300,200 $ 4,000 U $ 15,800 U Variable manufacturing overhead $ 180,500 $ 4,100 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…

Direct material $0.10, Direct laber is $0.25, Variable Overhead is $0.10, Fixed overhead is $0.40 what is the fixed costs per unit, the total cost per unit, and gross margin if 1,600,000 units were produced?

Benoit Company produces three products-A, B, and C. Data concerning the three products follow (per unit): Product A $ 80.00 $ 62.00 $ 81.00 Selling price Variable expenses: Direct materials 24.00 18.00 9.00 Other variable expenses Total variable expenses 24.00 25.40 43.65 48.00 43.40 52.65 Contribution margin $ 32.00 $ 18.60 $ 28.35 Contribution margin ratio 40% 30% 35% The company estimates that it can sell 800 units of each product per month. The same raw material is used in each product. The material costs $3 per pound with a maximum of 5,000 pounds available each month. Required: 1. Calculate the contribution margin per pound of the constraining resource for each product. 2. Which orders would you advise the company to accept first, those for A, B, or C? Which orders second? Third? 3. What is the maximum contribution margin that the company can earn per month if it makes optimal use of its 5,000 pounds of materials? Complete this question by entering your answers in the tabs below.…