Hello, All I need is parts #6 #7 #8 of this problem. I have attached all of my work. Please let me know if you can help me with this.
Problem 10-16 Comprehensive Variance Analysis [LO101. LO102, LO10-3] 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 Standard Price Standard or Hours or Rate Cost Direct materials ? $410 per yard $ ? Direct labor ? 'r' '? Variable manufacturing overhead ? $2 per direct '? labor-hour Total standard coat 5? lClverhead is applied to production on the basis of direct labor-hours. During March. 7'00 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Manufamlring Materials Used D'I'ect Labor Overhead Total standard ooat allowed" $13,160 $10,500 $2,100 Actual costs incurred $10.?30 ? $2.4?0 Materials price variance ? Materials quantity variance $ 4m U Labor rate variance '? Labor efciency variance \"P Variable overhead rate variance ? Variable overhead efciency variance 'i' *For the month's production. The following additional infon'nation is available for March's production: *For the month's production. The following additional information is available for March's production: Actual direct labor-hours 1.220 Standard overhead rate per direct labor-hour $2.00 Difference between standard and actual cost per backpack produced during March $0.34 F Required: 1 . What is the standard coat of a single backpack? Standard cost for March production: _ $ Variable manufacturing overhead $m Total standard cost -25 1'60 Number of backpacks produced Standard cost of a single backpack 2. What was the actual cost per backpack produced during March? {Rou rid your answers to 2 decimal places.) Standard coat of a single backpack Deduct difference between standard and actual cost Actual cost per backpack 3. How many yards of material are required at standard per backpack? Total standard cost of materials allowed during March $ 13,160 Number of backpacks produced dung March TOD Standard materials cost per backpack 13.30 Standard materials cost per yard _ Number of vards per backpack 4. What was the materials price variance for March if there were no beginning or ending inventories of mateals'? {Do not round Intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect [l.e., zero varlance].} Materials price variance Materials quantityr valiance Spending variance 5. What is the standard direct labor rate per hour? Standard variable manufacturing overhead coat for March 55 Standard variable manufacturing overhead rate per direct labor- hour Standard direct la bur-hours for March m Standard direct labor coat for March m Eta ndard direct labor rate per hour 6. What wee the labor rate variance for March? The labor efciency:r variance? {Do not round your Interrnedlete calculatlone. Indlcate the effect of each verlenoe by eelectlng \"F" for favorable, \"U" for unfavorable, and "None" for no effect [|.e., zero varlencej} Labor rate variance Labor efciencyr variance 3". What was the variable overhead rate variance for March? The variable overhead efciency:r 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 Ivariable overhead rate variance - - variable overhead efficiency variance -- 3. Prepare a standard cost card for one backpack. [Round your answers to 2 decimal places.) Direct materials Direct labor variable manufacturing overhead g 00 per direct labor-hour Total standard cost
