Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3]Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system:InputsDirect materialsDirect laborVariable manufacturing overheadTotal standard cost per unit(1) StandardQuantity or Hours2.30 pounds1.00 hours1.00 hours(2) Standard Priceor Rate$ 16.30 per pound$ 16.00 per hour$ 9.50 per hourStandard Cost(1) x (2)$ 37.49$ 16.00$ 9.50$ 62.99Direct materialsTotalStandardCost*$ 599,840Price or RateVariances ReportedQuantity orEfficiency$ 11,252 F$ 32,600 UDirect labor$ 256,000$ 3,400 UVariable manufacturing overhead$ 152,000$ 4,100 F*Applied to Work in Process during the period.$ 16,000 U$ ?t uThe company's manufacturing overhead cost is applied to production based on direct labor-hours. All of the materials purchasedduring 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?Note: 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?Note: Round your answer to 2 decimal places.6. How much actual variable manufacturing overhead cost was incurred during the period?

Name: Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-
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Description: Case 10-17 (Algo) Working Backwards from Variance Data [LO10-1, LO10-2, LO10-3]Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system:InputsDirect materialsDirect laborVariable m

Variance:The difference between the standard cost and the actual cost incurred that was budgeted for…

Business

Accounting

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? Note: 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? Note: Round your answer to 2 decimal places. 6. How much actual variable manufacturing overhead cost was incurred during the

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? Note: 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? Note: Round your answer to 2 decimal places. 6. How much actual variable manufacturing overhead cost was incurred during the

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter24: Material And Labor Variances (primevar)

Section: Chapter Questions

Problem 1R

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