Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours Standard Price or Rate Standard Cost $ 6.00 per yard $ ? ? $2 per direct labor-hour ? $? Overhead is applied to production on the basis of direct labor-hours. During March, 400 backpacks were manufactured and sold. Selected Information relating to the month's production is given below: Total standard cost allowed" Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead officiency variance *For the month's production. Materials Used $9,120 $ 5,520 Direct Labor $ 5,040 ? Variable Manufacturing Overhead $968 $2,628 $ 1,928 U The following additional information is avaliable for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 688 $ 0.20 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 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 (ie., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead eficiency variance $ 1,200 U 240 U < Required 6 Required 8 > 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 $ 37.806 Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below. Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours Standard Price or Rate $ 6.00 per yard Standard Cost $7 7 $2 per direct labor-hour $? Overhead is applied to production on the basis of direct labor-hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month's production is given below. Actual costs incurred Total standard cost allowed" Materials price variance Materials quantity variance Labor efficiency variance Labor rate variance Variable overhead rate variance Variable overhead efficiency variance *For the month's production. Direct Variable Manufacturing Materials Used Labor $ 9,120 $ 5,040 $ 5,520 ? Overhead $960 $ 2,620 ? $1,920 U 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: 600 $ 0.20 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. 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 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack 3.8 < Required 2 Required 4 > 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 was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values.) Materials price variance $ 5,520 < Required 3 Required 5 > 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 was the labor rate variance for March? The labor efficiency variance? (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.) Labor rate variance $ 600 U Labor efficiency variance $ 1.2601 U < Required 5 Required 7 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S 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 (ie., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance $ 1,200 U 240 ( Required: Het It may be helpful to complete a general model diagram for direct matenals, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements t 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? a whit was the materials price variance for March if there were no beginning or ending inventories of materials? 5 What is the standerd direct labor rate per hour? 6 What was the labor rate vanance for March? The labor efficiency variance 7 What was the variable overhead rate variance for March? The variable overhead efficiency variance Prepare a standard cost card for one backpack Complete this question by entering your answers in the tabs below. Required 1 Required Required 3 Required 4 Required 5 Required 6 Required? epared What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actuat per pe 37 60 C 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 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Direct materials Direct labor 3.80 yards 1.20 hours $ 6.00 Variable manufacturing overhead 1.20 hours 10.50 $ 2.00 per yard per hour Standard Cost $ 22.80 12.60 per direct labor-hour 2.40 Total standard cost S 37.80 < Required 7 Required 8> 8. Prepare a standard cost card for the B Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Required B What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard drect tabor rate per hour $10.50