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 2 ? ? Standard Price or Rate $4.00 per yard ? $ 2 per direct labor-hour Standard Cost $? ? 2 $? Overhead is applied to production on the basis of direct labor-hours. During March, 420 backpacks were manufactured and sold. Selected information relating to the month's producti Materials Used $ 6,720 $ 5,355 ? S 420 U Direct Labor $4.368 ? Variable Manufacturing Overhead $1,092 $1,407 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 efficiency variance *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 630 0.15 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 requiremer 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. Answer is complete but not entirely correct. 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 S 28.98 Answer is complete but not entirely correct. 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 actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack $ 28.83 Answer is complete but not entirely correct. 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 direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per $ 7,98 X hour 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.) $ 317 x U Labor rate variance Labor efficiency undanna $ 670 U AutoSave OFF o sue Document32 Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments X AL AaBbCcDdEe V AaBbccddee AaBbcc AaBbccddee AaBbc Aabb Cedd Ee Calibri (Bo... 12 "Ai to BI U ab X, X ADA AaBbCcDdEe Paste Normal No Spacing Heading 1 Heading 2 Title Subtitle Subtle Emph... Dictate Styles Pane % Answer is complete but not entirely correct. 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 Requi Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Price or Rate Standard Quantity or Hours 4.00 yards 1.30 hours Standard Cost $ 16.00 10.38 % Direct materials Direct labor Variable manufacturing overhead Total standard cost IS 4.00 per yard 7.98 X per hour $ 2.00 per direct labor- hour 1.30 hours 2.60 $ 28.98 Page 2 of 2 O words F English (United States) O Focus 5 = = + 147%