1.

1. What was the materials price, quantity and spending variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).

2. What was the labor rate variance and The labor efficiency variance for march? (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance))

3. What was the variable overhead rate variance for March? The variable overhead efficiency variance?(Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance))

4. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

	Standard Quantity or Hours	Standard Price or Rate	Standard Cost
Direct materials	yards	5.6 per yard	$
Direct labor	hours	$per hour
Variable manufacturing overhead	hours	2.0 per hour
Total standard cost			$

PLEASE SHOW YOUR STEPS AND ANSWER ALL THE QUESTIONS. THANK YOU.

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below. Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials $5.60 per yard Direct labor Variable manufacturing overhead $2 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Materials Used Direct Labor Overhead $22,400 Total standard cost allowed $11,500 $2,000 Actual costs incurred $18,952 $184 Materials price variance 672 U Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance For the month's production. The following additional information is available for March's production: Actual direct labor-hours 1,420 Standard overhead rate per direct labor-hour $2.00 Difference between standard and actual cost per backpack produced during March $0.15 F