Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below. Standard Price or hours 38.00 per yard Cont Direct materials Direct labor Variable manufacturing overhead Total standard cost per per direct labor 2 hour cos Overhead as applied to production on the basis of direct labor-hours. During March, 600 backpacks were manufactured and sold Selected information relating to the month's production is given below Variable Materials Direct Manufacturing Ma| Labar Overhead Total stard cont allowed 515,30 30, 31, Actual costs incurred 5. $2. Materials price variante Materials quantity wariance Labor parte Labor efficiency variante Varist verest rate variance Vartoe overheat affect For the month's production The following additional information is available for March's production tant per a . Question 2. Chapt. Ar purs Difference between standard and actual cost per backpack produced during March 900 $ 0.28 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 materfals price variance for March if there were no beginning or ending inventones of materials 5. What is the standard direct labor rate per hour? 6. What was the labor rate vartance 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 Required 6 Required 7 Required B 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 ( zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance 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 Marche 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 vartance 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 a Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places) Standard Quantity or Hours Standard Price or Rate 5 per yard Standard Cost Direct materials yards per hour Direct labor Variable manufacturing overhead Total standard cost hours hours 5 2.00 per direct labochou 5 0.00
