Cost 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 andard Free Standard or Rate Direct materials $6.00 per yard Direct labor per direct Variable manufacturing whead 2 labor-hour Total standard cont peront T 5 Overhead is applied to production on the basis of direct labor-hours. During March, 520 backpacks were manufactured and sold. Selected information relating to the month's production is given below. Varlaa Materials Direct Manufacturing Labor Overhead Tot standard cost allowed 515,600 07,280 Actual e incurred $ 16,335 $3,12 Materiale price variance > Materials quantity variance $ 1.590 Labor rate variance Labor etticiency variance Variable overhead Tate variance Variable overhead officiency variance "For the month's production The following additional information is available for March's production Actual direct Ther-hours Ditterence between standard and actual conte backpack produced during March 780 $ 0.20 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. Kred 1 Required 2 Required Recured Records Rece Required What is the standard cost of a single backpack? (Round your answer to 2 decimal places Sot of ang Required 2 > 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
