Case 10-17 Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3] Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system (1) Standard Quantity or Standard Price or Rate Standard Cost Inputs Direct materials Direct labor Variable manufacturing overhead Hours 2.20 pounds$16.70 per pound 1.00 hours 1.00 hours $36.74 $15.70 $ 9.30 $61.74 $15.70 per hour $ 9.30 per hour Total standard cost per unit Variances Reported Price Quantity or or Rate Efficiency Total Standard Cost* Direct materials Direct labor Variable manufacturing overhead $624,580 $ 11,426 F 33,400 U $266,900 $ 3,600 U$15,700 U $158,100 4,100 F $ 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