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Vitalite, Inc., produces a number of products

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Question;Vitalite, Inc., produces a number of products, including a body-wrap kit. Standard variable costs relating to a single kit are given below:1. What was the total standard cost of the materials used during August?2. How many yards of material are required at standard per kit?3. What was the materials price variance for August if there were no beginning or ending inventories of materials?4. What is the standard direct labor rate per hour?5. What was the labor rate variance for August? The labor efficiency variance?6. What was the variable overhead rate variance for August? The variable overhead efficiency variance?7. Complete the standard cost card for one kit shown at the beginning of the problem.Please use this attached spreadsheet to help you work through this problemGiven Data P10-14:VITALITE, INC.Standard Variable Costs:Standard Qty Standard Price Standardor hours or Rate CostDirect materials? $ 6 /yard $?Direct labor???Variable manufacturing overhead? $ 2 /hour?Total standard cost per kit $ 42Kits manufactured and sold 500Materials Direct Variable Mfg.Used Labor OverheadTotal standard cost? $ 8,000 $ 1,600Actual costs incurred $ 10,000? $ 1,620Materials price variance?Materials quantity variance $ 600 ULabor rate variance?Labor efficiency variance?Variable overhead rate variance?Variable overhead efficiency variance?Additional information for August:Actual direct labor-hours 900Difference between standard and actualcost per kit produced in August $ 0.14 U

 

Paper#39803 | Written in 18-Jul-2015

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