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 Hours2.10 pounds1.00 hours1.00 hours(2) Standard Priceor Rate$17.00 per pound$ 15.80 per hour$ 9.60 per hourStandard Cost(1) x (2)$ 35.70$ 15.80$ 9.60$ 61.10Variances ReportedDirect materialsTotalStandardCost*$ 606,900Price or Rate$ 10,933 FDirect labor$ 268,600$ 3,600 UVariable manufacturing overhead$ 163,200$ 4,500 F"Applied to Work in Process during the period.Quantity orEfficiency$ 34,000 U$ 15,800 U$ at 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?1. Number of units produced2. Pounds of direct material purchased and used in production3. Actual cost per pound4. Actual direct labor-hours5. Actual rate per direct labor-hour6. Actual variable manufacturing overhead cost

“Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: Inputs Direct materials Direct labor (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) x (2) 2.10 pounds 1.00 hours 1.00 hours $ 17.00 per pound $ 15.80 per hour $ 9.60 per hour $ 61.10 $ 35.70 $ 15.80 $ 9.60 Variable manufacturing overhead Total standard cost per unit Total Standard Cost* Variances Reported Quantity or Efficiency $ 34,000 U $ 15,800 U $ ?tu Price or Rate Direct materials $ 606,900 $ 10,933 F Direct labor $ 268,600 Variable manufacturing overhead $ 163,200 $ 3,600 U $ 4,500 F "Applied to Work in Process during the period.

Vitex, Incorporated, manufactures a popular consumer product and it provided the following data from its standard cost system: Inputs Direct materials Direct labor (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) x (2) 2.10 pounds 1.00 hours 1.00 hours $ 17.00 per pound $ 15.80 per hour $ 9.60 per hour $ 61.10 $ 35.70 $ 15.80 $ 9.60 Variable manufacturing overhead Total standard cost per unit Total Standard Cost* Variances Reported Quantity or Efficiency $ 34,000 U $ 15,800 U $ ?tu Price or Rate Direct materials $ 606,900 $ 10,933 F Direct labor $ 268,600 Variable manufacturing overhead $ 163,200 $ 3,600 U $ 4,500 F "Applied to Work in Process during the period.

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:...

See similar textbooks

Similar questions

Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
Patterson Company produces wafers for integrated circuits. Data for the most recent year are provided: aCalculated using number of dies as the single unit-level driver. bCalculated by multiplying the consumption ratio of each product by the cost of each activity. Required: 1. Using the five most expensive activities, calculate the overhead cost assigned to each product. Assume that the costs of the other activities are assigned in proportion to the cost of the five activities. 2. Calculate the error relative to the fully specified ABC product cost and comment on the outcome. 3. What if activities 1, 2, 5, and 8 each had a cost of 650,000 and the remaining activities had a cost of 50,000? Calculate the cost assigned to Wafer A by a fully specified ABC system and then by an approximately relevant ABC approach. Comment on the implications for the approximately relevant approach.
Scattergraph method Using the data in P4-2 and a piece of graph paper: 1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points. 2. Determine the variable cost per unit and the total fixed cost from the information on the graph. 3. Determine the variable cost to be charged to the product for the year. 4. Determine the fixed cost to be charged to factory overhead for the year. 5. Do these answers agree with the answers to P4-2? Why or why not?
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 3. Actual cost per pound 4. Actual direct labor-hours Total Standard Cost* (2) Standard Price or Rate $ per 16.20 pound $ per 15.50 hour $ 9.50 per 1. Number of units produced 2. Pounds of direct material purchased and used in production 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost Variances Reported Price or Rate $ 10,150 F $ 534,600 $ 232,500 142,500 *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…
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2)StandardPriceor Rate StandardCost(1) × (2) Direct materials 2.10 pounds $ 16.60 per pound $ 34.86 Direct labor 1.00 hours $ 15.90 per hour $ 15.90 Variable manufacturing overhead 1.00 hours $ 9.10 per hour $ 9.10 Total standard cost per unit $ 59.86 Total Variances Reported StandardCost* Priceor Rate Quantity orEfficiency Direct materials $ 627,480 $ 11,542 F $ 33,200 U Direct labor $ 286,200 $ 3,800 U $ 15,900 U Variable manufacturing overhead $ 163,800 $ 4,800 F $ ?† 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. 4. How…
Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2)StandardPriceor Rate StandardCost(1) × (2) Direct materials 2.10 pounds $ 16.60 per pound $ 34.86 Direct labor 1.00 hours $ 15.90 per hour $ 15.90 Variable manufacturing overhead 1.00 hours $ 9.10 per hour $ 9.10 Total standard cost per unit $ 59.86 Total Variances Reported StandardCost* Priceor Rate Quantity orEfficiency Direct materials $ 627,480 $ 11,542 F $ 33,200 U Direct labor $ 286,200 $ 3,800 U $ 15,900 U Variable manufacturing overhead $ 163,800 $ 4,800 F $ ?† 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.…
Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) × (2) Direct materials 2.20 pounds $ 16.30 per pound $ 35.86 Direct labor 1.00 hours $ 15.80 per hour $ 15.80 Variable manufacturing overhead 1.00 hours $ 9.50 per hour $ 9.50 Total standard cost per unit $ 61.16 Total Variances Reported Standard Cost* Price or Rate Quantity or Efficiency Direct materials $ 681,340 $ 12,702 F $ 32,600 U Direct labor $ 300,200 $ 4,000 U $ 15,800 U Variable manufacturing overhead $ 180,500 $ 4,100 F $ ?† 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…
Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) × (2) Direct materials 2.20 pounds $ 16.30 per pound $ 35.86 Direct labor 1.00 hours $ 15.80 per hour $ 15.80 Variable manufacturing overhead 1.00 hours $ 9.50 per hour $ 9.50 Total standard cost per unit $ 61.16 Total Variances Reported Standard Cost* Price or Rate Quantity or Efficiency Direct materials $ 681,340 $ 12,702 F $ 32,600 U Direct labor $ 300,200 $ 4,000 U $ 15,800 U Variable manufacturing overhead $ 180,500 $ 4,100 F $ ?† 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…
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 (1) Standard Quantity or Hours Total 2.40 pounds 1.00 hours 1.00 hours Standard Cost* $734,400 $ 288,000 $ 165,600 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost (2) Standard Price or Standard Cost (1) Rate x (2) $17.00 per pound $ 40.80 $ 16.00 $ 16.00 per hour $ 9.20 per hour $9.20 $ 66.00 Variances Reported 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 Price or Rate $ 13,108 F $ 3,800 U $ 4,300 F Direct materials Direct labor Variable manufacturing overhead *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…