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 Direct materials Cost 2 $5.00 per yard $? Direct labor 7 2 2 Variable manufacturing overhead per direct 2 labor-hour 2 Total standard cost per unit $2 Overhead is applied to production on the basis of direct labor-hours. During March, 440 backpacks were manufactured and sold. Selected information relating to the month's production is given below. Materials Used 69,460 $ 8,272 ? 5 Direct Labor $6,468 Variable Manufacturing Overhead $1,232 51,738 Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor otticiency variance Variable overhead rate variance Variable overhead officiency variance "For the month's production The following additional information is available for Morch's production: The following additional information is available for March's production: 660 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.20 F 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required Required Required 8 What is the standard cost of a single backpack? (Round your answer to 2 decimal places) Standard cost o single backpack Huy UCM Lea y CORSVI Muyun TUI HOLOCOS, CUS HIVI, VIIM VULTURE TUTULUI CU 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 8 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Standard Cost Direct material yards $ Direct labor hours per hour Variable manufacturing overhead $ hours 2.00 per direct labor-hour Total standard cost 5.00 per yard
