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Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3] 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 Direct materials i Direct labor Variable manufacturing overhead (1) × (2) (1) Standard (2) Standard Price or Standard Coat Quantity or Bours. Rate 2.20 pounds 1.00 hours 1.00 hours $36.30 $15.80 $9.20 $61.30 Total Standard Cost $ 653,400 $ 284,400 $ 165,600 $ 16.50 per pound $ 15.80 per hour $9.20 per hour Variances Price or Rate $ 12,064 F $ 3,800 U $ 4,900 F Reported Quantity or Efficiency $ 35,000 U $ 15,800 U $ 21 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.) Un till matchand and in the dad)

Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3] 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 Direct materials i Direct labor Variable manufacturing overhead (1) × (2) (1) Standard (2) Standard Price or Standard Coat Quantity or Bours. Rate 2.20 pounds 1.00 hours 1.00 hours $36.30 $15.80 $9.20 $61.30 Total Standard Cost $ 653,400 $ 284,400 $ 165,600 $ 16.50 per pound $ 15.80 per hour $9.20 per hour Variances Price or Rate $ 12,064 F $ 3,800 U $ 4,900 F Reported Quantity or Efficiency $ 35,000 U $ 15,800 U $ 21 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.) Un till matchand and in the dad)

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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Direct labor Variable manufacturing overhead $ 284,400 $ 165,600 www. $ 3,800 U $ 4,900 F + --.--. $ 15,800 U SITU "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. 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 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost 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:Direct labor Variable manufacturing overhead $ 284,400 $ 165,600 www. $ 3,800 U $ 4,900 F + --.--. $ 15,800 U SITU "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. 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 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost 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?
Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3] 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 Direct materials i Direct labor Variable manufacturing overhead (1) Standard (2) Standard Price or Standard Coat Quantity or Bours. Rate 2.20 pounds 1.00 hours 1.00 hours $16.50 per pound $ 15.80 per hour $9.20 per hour (1) × (2) $36.30 $15.00 $9.20 $ 61.30 Total Standard Cost $ 653,400 $ 284,400 $ 165,600 Variances Price or Rate $ 12,064 F $ 3,800 U $ 4,900 F Reported Quantity or Efficiency $ 35,000 U $ 15,800 U 571 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.) U till matchand and disa tha madad
Transcribed Image Text:Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3] 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 Direct materials i Direct labor Variable manufacturing overhead (1) Standard (2) Standard Price or Standard Coat Quantity or Bours. Rate 2.20 pounds 1.00 hours 1.00 hours $16.50 per pound $ 15.80 per hour $9.20 per hour (1) × (2) $36.30 $15.00 $9.20 $ 61.30 Total Standard Cost $ 653,400 $ 284,400 $ 165,600 Variances Price or Rate $ 12,064 F $ 3,800 U $ 4,900 F Reported Quantity or Efficiency $ 35,000 U $ 15,800 U 571 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.) U till matchand and disa tha madad
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