Ch.10 -1 , Can I please get assistance on the problem below:
Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:
Direct materials $5.00 per yard $ Direct labor ? '9 '0 '0 '0 per direct Variable manufacturing overhead $ 2 labor-hour Total standard cost per unit $ '0 "0 '0 Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed* 9, 460 $6 , 468 $1, 232 Actual costs incurred S 8, 272 ? $1, 738 Materials price variance ? Materials quantity variance 880 U Labor rate variance .V .V Labor efficiency variance Variable overhead rate variance .V .V Variable overhead efficiency varianceActual direct labor-hours 660 Difference between standard and actual cost per $ 0 20 F backpack produced during March ' 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.) 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.) 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.) 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.) _::ll 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.) What was the labor rate variance for March? The labor efficiency variance? (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). Input all amounts as positive values.) Labor rate variance Labor efficiency varianceWhat 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 variancePrepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Standard Price or Rate Standard Hours Cost Direct materials yards 5.00 per yard Direct labor hours per hour Variable manufacturing overhead $ hours 2.00 per direct labor-hour Total standard cost
