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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 or Hours ? Standard Cost Direct materials Direct labor Standard Price or Rate $6 per yard ? per direct labor $3 hour $? ? ? ? Variable manufacturing overhead Total standard cost per unit ? $? Labor Overhead 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. Variable Materials Direct Manufacturing Used Total standard cost allowed* $16,800 $21,000 $4,200 Actual costs incurred $15,000 $3,600 Materials price variance Materials quantity variance $1,2000 Labor rate variance Labor efficiency variance ? Variable overhead rate variance Variable overhead efficiency variance *For the month's production ? ? ? The following additional information is available for March's production Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,500 $ 0.15 F 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 riance 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. 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? Standard cost of a single backpack Required 2 > 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. Required 2 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 answers to 2 decimal places.) Actual cost per backpack Complete this question hu entering your answers in the tabs below. Required 3 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.) Number of yards per backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required What is the standard direct labor rate per hour? Standard direct labor rate per hour Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 What was the labor rate variance for March? The labor efficiency variance? (Do not round your inter Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" fi variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance
