Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Direct labor Variable manufacturing overhead (1) Standard) Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost $ 661,320 $ 288,000 - $ 167,400 (2) Standard Price or Standard Cost (1) x (2) $36.74 $ 16.00 $9.30 $62.04 Rate $16.70 per pound $16.00 per hour $ 9.30 per hour Variances Reported Price or Rate $ 12,064 F $3,800 U $4,400 F Quantity or Efficiency $ 33,400 U $ 16,000 U SPU "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, 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. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours Actual rate per direct labor-hour 5. 6. Actual variable manufacturing overhead cost 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 Direct labor Variable manufacturing overhead (1) Standard) Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost $ 661,320 $ 288,000 - $ 167,400 (2) Standard Price or Standard Cost (1) x (2) $36.74 $ 16.00 $9.30 $62.04 Rate $16.70 per pound $16.00 per hour $ 9.30 per hour Variances Reported Price or Rate $ 12,064 F $3,800 U $4,400 F Quantity or Efficiency $ 33,400 U $ 16,000 U SPU "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, 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. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours Actual rate per direct labor-hour 5. 6. Actual variable manufacturing overhead cost
Expert Answer:
Answer rating: 100% (QA)
ANSWER 1 The company produced 24000 units last period 2 The co... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Hatch Co. uses the equity method to account for investments in common stock. What accounting should be made for dividends received in excess of Hatchs share of investees earnings subsequent to the...
-
Taft Corporation uses the equity method to account for its 25% investment in Flame, Inc., which it made on January 1, 2014. During 2014, Taft received dividends of $30,000 from Flame and recorded...
-
Mainmont Industries uses the equity method to account for its long-term equity investments from affiliates. The following information from the financial statements of Mainmont refers to an investment...
-
Explain Computer Network Types.
-
How can you ensure quality in a collaboratively written document? Perhaps someone on your team makes unnecessary additions or questionable edits, such as revising to make the document sound more...
-
Blissful Ltd specialises in bridal wear. The store operates two departments gowns and shoes. The following information was obtained from the stores accounting records for the year ended 30 June...
-
The following MINITAB output presents a multiple regression equation. a. What percentage of the variation in the response is explained by the multiple regression equation? b. What percentage of the...
-
Refer to the previous question. Suppose that each of the audit activities can be crashed by the amounts indicated in the following table. a. What is the earliest the audit could be completed and what...
-
Interest deductibility provides a strong incentive for debt financing. However, increasing the proportion of debt may lead to larger bankruptcy cost. Explain fully.
-
You are an analyst at an asset management fund. The fund currently has five bonds in its portfolio with the attributes shown below. The funds founder believes that it is most likely that bond yields...
-
A snickers candy bar contains 28g of sugar. Calculate the totalATP yield if you assume all sugar is glucose and all of it wasmetabolized through glycolysis.
-
How are the completeness and accuracy of data entry and processing maintained in an EDP setting?
-
What do the professional standards prescribe with respect to internal auditors involvement in systems design?
-
What is the function of a steering gear?
-
Define a steering gear.
-
List the approximate straight line mechanisms.
-
1. Using available aerodynamic data for practical estimates A NACA 2412 airfoil (the same one we already saw in class in the example exercise) is being considered for the wing on a small general...
-
Do public and private companies follow the same set of accounting rules? Explain.
-
When is the financial components approach to recording the transfers of receivables used? When should a transfer of receivables be recorded as a sale?
-
The board of directors of Gifford Corp. declared cash dividends of $260,000 during the current year. If dividends payable was $85,000 at the beginning of the year and $90,000 at the end of the year,...
-
Comprehensive Accounting Change and Error Analysis Problem Botticelli Inc. were organized in late 2008 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has...
-
Is the nature of the coupling dependent on the coordinates used?
-
How many degrees of freedom does an airplane in flight have if it is treated as (a) a rigid body, and (b) an elastic body?
-
Why are the mass, damping, and stiffness matrices symmetrical?
Study smarter with the SolutionInn App