Question

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) Standard Price or Rate			Standard Cost (1) × (2)
Direct materials	2.40	pounds	$	16.10	per pound	$	38.64
Direct labor	1.00	hours	$	15.70	per hour	$	15.70
Variable manufacturing overhead	1.00	hours	$	9.50	per hour	$	9.50
Total standard cost per unit						$	63.84

	Total		Variances Reported
	Standard Cost*		Price or Rate			Quantity or Efficiency
Direct materials	$	734,160	$	13,804	F	$	32,200	U
Direct labor	$	298,300	$	4,000	U	$	15,700	U
Variable manufacturing overhead	$	180,500	$	4,500	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.

Answer 1

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Though requirement in question not mentioned, calculated few things based on experience

Part-1	No of Units Produced
	Standard Material Cost	734160
	Standard Material Cost per unit	38.64
	No of Units Produced (734160/38.64)	19000
Part-2	Let actual requirement for unit is x
	Direct Material Quantity Variance	(SQ-AQ)*SR
	-32200	((19000*2.4)-(19000*x))*16.1
	-32200	(45600-19000x)*16.1
	=-32200/16.1	(45600-19000x)
	-2000	(45600-19000x)
	19000x	45600+2000
	19000x	47600
	x	2.51
	Direct Material Purchased and used	19000*x	47,600	2,000	32,200.00
Part-3	Standard Quantity	19000*2.4	45600
	Direct Material Price Variance	(SR-AR)*SQ
	13804	(16.1-AR)*45600
	13804	734160-45600AR
	45600AR	734160-13804
	45600AR	720356
	AR	15.80
	Actual Cost per Pound	15.80
Part-4
	Direct Labor Efficiency Variance	(SH-AH)*SR
	-15700	((19000*1)-(19000*x))*15.7
	-15700	(19000-19000x)*15.7
	=-15700/15.7	(19000-19000x)
	-1000	(19000-19000x)
	19000x	19000+1000
	19000x	20000
	x	1.05
	Actual Direct Labor Hours	19000*x
Part-5	Standard Quantity	19000*1	19000
	Direct Material Price Variance	(SR-AR)*SQ
	-4000	(15.7-AR)*19000
	-4000	298300-19000AR
	19000AR	298300+4000
	19000AR	302300
	AR	15.91
	Actual Cost per Pound	15.91