Highland Company produces a Iightweight backpack popular with college students. Standard variable costs relating to a single backpack are given below: Overhead is applied to production based on direct labor-hours. During March, 530 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 avallable for March's production: Required: Hint: It may be helpful to complete a general model dlagram for direct materlals, direct labor, and varlable 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 materlal are required at standard per backpack? 4. What was the materlals 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 varlance for March? The labor efficiency varlance? 7. What was the varlable overhead rate varlance for March? The varlable overhead efficiency varlance? 8. Prepare a standard cost card for one backpack. What is the standard cost of a single backpack? Note: Round your answer to 2 decimal places. What was the actual cost per backpack produced during March? Note: Round your answer to 2 decimal places. How many yards of material are required at standard per backpack? Note: Round your answer to 1 decimal place. What was the materials price variance for March if there were no beginning or ending inventories of materials? Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting " F " for favorable, " U unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. What is the standard direct labor rate per hour? Note: Round your answers to 2 decimal places. What was the labor rate variance for March? The labor efficiency variance? Note: 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 (i.e., zero variance). Input all amounts as positive values. What was the variable overhead rate variance for March? The variable overhead efficiency variance? Note: 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 all amounts as positive values. Prepare a standard cost card for one backpack. Note: Round your answers to 2 decimal places
