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 Direct materials: Direct labor Variable manufacturing overhead Total standard cost per unit) Hours 21 7 Standard Price or Rate $4.00 per yard Standard Cost $7 2 $2 per direct labor-hour ? $ 7 Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Total standard cost allowed" Materials price variance Actual costs incurred Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance "For the month's production. Materials Used $ 11,200 Direct Labor $10,500 Variable Manufacturing Overhead $2,100 $8,925 $4,032 $ 700 U The following additional information 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 Difference between standard and actual cost per backpack produced during March Required: 1,050 $ 0.34 F 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. 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? (Round your answer to 2 decimal places.) Standard cost of a single backpack Required 1 Required 2 > points eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 References What was the actual cost per backpack produced during March? (Round your answer to 2 decimal Actual cost per backpack 143 points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 Require 3 Required 4 Required 5 Required 6 Re References How many yards of material are required at standard per backpack? (Round your answer Number of yards per backpack < Required 2 Required 4 > Complete this question by entering your answers in the tol eBook Print Required 11 Required 2 Required 3 Required 4 Required 5 Required 6. Required 7 Required 8 References What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do no- intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and for no effect (i.e., zero variance). Input all amounts as positive values.) raw Materials price variance < Required 3 Required 5 > < Prev 5 of 5 eBook Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 References What is the standard direct labor rate per hour? (Round your answers to 2 decimal place Standard direct labor rate per hour < Required 4 Required 6 > eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3. Required 4 Required 5 Required Required 7 Rec References What was the labor rate variance for March? The labor efficiency variance? (Do not round your intermedia Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance < Required 5 Required 7 > eBook Complete this question by entering your answers in the tabs bel Print Required 1 Required 2 Required 3. Required 4 Required 5 Required 6 Required 7 Require References Mc Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Direct materials Direct labor Variable manufacturing overhead Total standard cost Standard Quantity or Hours Standard Price or Rate yards $ 4.00 per yard hours per hour hours $ 2.00 per direct labor-hour Required 7 Standard Cost