Hehiland Company produces a lightwelght backpack that is popular whah college students. Standard variable costs relating to a single backpeck are given below: Overhead is applied to producion on the basis of direct labor-hours. Durling March, 800 backpacks were manufactured and sold. Selected information relating to the month's production is given below: 'For the month's production. The following additional information is available for March's production: Tor gaeie vicrnea intricanmy variance "For the month's production. The folowing additional information h ivailable for Morclis pooduction: Ar taul aireit. labier hours Differente betieen standard and octual cost per backpeck yruduted thaplne March Requifedt Hint it miry be helpful to complefe a getneral model diamlam for direct materlals, ditect labor, and variable manutactiring overhea befoct atfenisting to Answel ainy of the redialrements. 1. What is the standard cost of a single twackpack? 2. What was the actual cost per taackpack produced duang March? 2. How many yards of material are tecquired at standard per backpack? 4. Wiat was the fiateriafs price vatiance lor March if there were fo beginning of ending inventories of materlals? 5. What is the standard direct labor rate per hour? 6. What was the labor rate vatiance for March? The labor efficlerncy variance? 7. Wriat was the virinhle overhedd rate varance for Match? The variable overhead efficiency varlaryce? 8. Prepare al standard cost card for one backpack. Complete this guestion tyy enterinu your arswers in the tabs below. What is the standard cost of a single backpack? (Round your answor to 2 decimal placesh) Highiland Conpany produces a lightweight backpack that is popular with college students. Slandard variable costs retating to a single backpack are glven below: Overhead is applied to production on the basis of direct laboi-hours. Duting March, 800 backpacks were manufactured and sold. Selected information telating to the month's productorits given below 'For the month's production. The following additional information is avalable for March's production: Actual direct labor thour: Difference betunen standard and actual cost per backpack producte durine March Actwal dinect labor-heor Difference between standared and actual cost per backpack prodeced thuring March. Required: Hint it may be helphal so complete a general ryodel diagram for direct matetials, dilect fabor, and variable manufacturing owerhead before attempting to answer ary of the requlrements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per bockpack produced dufing March? 3. How many yards of malerial are required at atandard per backpack? 9. 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 ifficiency variance? 6. What was the variable overheved rate variance for March? The variable overhead efficiency variartce? 8. Prepare a standatd cost card for one backpack. Comaplete this question by entering youar answers in the tabs below. What is the entandard cost of a single backpack? (Round your answer to 2 decimal placer.)
