To determine the power consumed in lifting an object with a force of 392 pounds over a distance of 22 inches in 1.3 seconds, the formula used is Power = force * distance / time, resulting in approximately 749 watts. The discussion highlights the distinction between the applied force and the weight of the object, emphasizing that using the object's weight directly would yield incorrect power calculations. There are complexities introduced by the object's rotation and the need to clarify the problem statement, as inconsistencies in the data were noted. The conversation also touches on the need for additional information, such as the force profile of the actuator and the angular velocity of the system. Overall, the participants are seeking clarity and further details to accurately analyze the situation.