] 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 $4.50 per yard $? Direct labor ? ? per direct Variable manufacturing overhead $ 2 labor-hour Total standard cost per unit ? Book Print Mences ? Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed $ 9,540 $5,936 $1,484 Actual costs incurred $ 8,645 $1,690 Materials price variance 7 Materials quantity variance $ 1,575 V Labor rate variance ? Labor efficiency variance 2 Variable overhead rate variance Variable overhead efficiency variance "For the month's production The following additional Information is available for March's production: 795 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 0.20F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead 7 8 points 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. eBook Print Complete this question by entering your answers in the tabs below. References Required 7 Required 8 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per hour 7 8 points 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 materiais 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. Book Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the variable overhead rate variance for March? The variable overhead efficiency 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 (le, zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead officiency variance 7 Sints 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. eBook Print Complete this question by entering your answers in the tabs below. References Required 8 Required 1 Required 2 Required 3 Required 4 Required Required 6 Required 7 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Standard Hours Standard Price or Rate Cost Direct materials yards $ 4,50 per yard Direct labor hours per hour Variable manufacturing per direct labor. hours overhead $ 2.00 hour Total standard cost
