4 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 or Hours Standard Cost 10 points Direct materials Direct labor Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour ? ? Skipped ? Variable manufacturing overhead Total standard cost per unit $ ? eBook Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: References Materials Used $11,200 $ 8,925 ? $ 700 U Direct Labor $ 10,500 7 Variable Manufacturing Overhead $2,100 $4,032 Total standard cost allowed* Actual costs incurred Materials price variance 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 Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack 4 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 or Hours Standard Cost 10 points Direct materials Direct labor Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour ? ? Skipped ? Variable manufacturing overhead Total standard cost per unit $ ? eBook Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: References Materials Used $11,200 $ 8,925 ? $ 700 U Direct Labor $ 10,500 7 Variable Manufacturing Overhead $2,100 $4,032 Total standard cost allowed* Actual costs incurred Materials price variance 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 Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack 4 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 or Hours Standard Cost 10 points Direct materials Direct labor Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour ? ? Skipped ? Variable manufacturing overhead Total standard cost per unit $ ? eBook Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: References Materials Used $11,200 $ 8,925 ? $ 700 U Direct Labor $ 10,500 7 Variable Manufacturing Overhead $2,100 $4,032 Total standard cost allowed* Actual costs incurred Materials price variance 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 Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack 4 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 or Hours 10 points Direct materials Direct labor Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour Standard Cost $ ? ? ? Skipped Variable manufacturing overhead Total standard cost per unit ? $ ? Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: eBook ur References Materials Used $11,200 $ 8,925 Direct Labor $10,500 ? Variable Manufacturing Overhead $2,100 $4,032 $ 700 U Total standard cost allowed* Actual costs incurred Materials price variance 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 Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the materials price 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). Input all amounts as positive values.) Materials price variance 4 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 or Hours 10 points Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour Standard Cost $ ? ? Direct materials Direct labor ? Skipped ? Variable manufacturing overhead Total standard cost per unit ? $ ? eBook Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: ur References Materials Used Direct Labor $10,500 ? Variable Manufacturing Overhead $2,100 $4,032 $11,200 $ 8,925 ? $ 700 U Total standard cost allowed* Actual costs incurred Materials price variance 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 Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per hour 4 Standard quantity or Hours Direct materials Direct labor Standard Price or Rate $4.00 per yard ? per direct $ 2 labor-hour Stangara Cost $ ? ? ? Variable manufacturing overhead Total standard cost per unit ? $ ? 10 points Skipped eBook Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed* $11,200 $10,500 Actual costs incurred $ 8,925 2 $4,032 Materials price variance Materials quantity variance $ 700 U Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $2,100 ur References *For the month's production. The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 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). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Lapor-nour 4 variable manufacturing overneaa Total standard cost per unit $ ? 10 points Skipped Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed* $11,200 $ 10,500 Actual costs incurred $ 8,925 ? $4,032 Materials price variance Materials quantity variance $ 700 U Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $2,100 eBook References *For the month's production, The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,050 $ 0.34 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Price or Rate Standard Cost Standard Quantity or Hours yards hours $ 4.00 per yard Direct materials Direct labor Variable manufacturing overhead Total standard cost per hour per direct labor- hours $ 2.00 hour