Case 10-17 Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3 Vtex, inc manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system (1) Standard Quantity o 2.30 pounds $16.0 per pound standard Price Standard Cost Oirect aateriels Direct Labor variable sanufacturing averhead Total standard cost per unit s 35.07 s 15.70 9.5e s 50.27 1.00 haurs $15,20 per hour 1.00 hours $9.50 per hour tandard Price Quostity on Cost r Rate 568,330 12,151 33,409 $298,300 4,000 ? $.15,700 u 5130,508 5 , 500 u erences Direct aaterials varlatle manfactsring overtead Applied to Work in Pracess during the pericd The company's manufacturng overhead cost is applied to production on the basis of direct labor-hours. All of the materiais purchased during the period were used in production. Work in pracess 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 matenial? (Round your onswer to 2 decimal places.) 4 How many actual direct labor hours were worked during the perlod? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places) 6 How much actual variable manudlecturing overhead cost was incurred during the period? Number of 2 Pounds of direct material purchased and used in preducion 3Achuali cost per pound al drect labor-haurs 5 Adual rae Achual variable mandtacuring oveed cat Case 10-17 Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3 Vtex, inc manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system (1) Standard Quantity o 2.30 pounds $16.0 per pound standard Price Standard Cost Oirect aateriels Direct Labor variable sanufacturing averhead Total standard cost per unit s 35.07 s 15.70 9.5e s 50.27 1.00 haurs $15,20 per hour 1.00 hours $9.50 per hour tandard Price Quostity on Cost r Rate 568,330 12,151 33,409 $298,300 4,000 ? $.15,700 u 5130,508 5 , 500 u erences Direct aaterials varlatle manfactsring overtead Applied to Work in Pracess during the pericd The company's manufacturng overhead cost is applied to production on the basis of direct labor-hours. All of the materiais purchased during the period were used in production. Work in pracess 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 matenial? (Round your onswer to 2 decimal places.) 4 How many actual direct labor hours were worked during the perlod? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places) 6 How much actual variable manudlecturing overhead cost was incurred during the period? Number of 2 Pounds of direct material purchased and used in preducion 3Achuali cost per pound al drect labor-haurs 5 Adual rae Achual variable mandtacuring oveed cat