Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Problem 9-26 (Static) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: 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: The following additional information is available for March's production: roi vie muituts pivauctiom. The following additional information is available for March's production: Required: (Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhe 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What was the materials price variance for March if there were no beginning or anding 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 ali amounts as positive values.) Required: (Hint: lt may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhea 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the standard direct labor rate per hour? Required: (Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhec 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 (l.e., zero. variance). Input all amounts as positive values.) 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.)