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 Hours 2 Direct materials Direct labor Standard Price or Rate $4.00 per yard 2 per direct $ 2 labor-hour Standard Cost $2 2 Variable manufacturing overhead Total standard cost per unit 2 52 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 production is given below. Materials Used $ 6,720 $ 5,355 2 $ 420 U Direct Labor $4,368 2 Variable Manufacturing Overhead $1,092 $1,407 Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor officiency variance Variable overhead rate variance Variable overhead officiency 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 5 0.15 Required: Hint . It may be helpful to complete a general model diagram for direct materials, direct labor and variable manufacturing overhead nts 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. Book 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 B What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Rohred Required 2 > 7 24 point 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 varioble overhead officiency variance? 8. Prepare a standard cost card for one backpack Complete this question by entering your answers in the tabs below. Required Required 2 Required Required 4 Required Required Required Required What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cont per backpack 7 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 Morch 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 varlonce? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required B How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place) Number of yards per backpack 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 materiais? 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 ook 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 laborato por hour 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 Book Complete this question by entering your answers in the tabs below. 6 Required 2 Required 1 Required 3 Required to Required 4 Required 5 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 (.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor officiency variance 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 Required 6 Required ? 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 (le, zero variance). Input all amounts as positive values.) Variable overhead rato variance Variable overhead efficiency variance Required: Hint: It may be helpful to complete a general model diogram for direct materials, direct lobor, 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) Required 4 Required 5 Required 6 Required Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places) Standard Quantity or Hours yards Standard Cost Standard Price or Rate $ 400 per yard per hour $ 200 per direct labor-hour Direct materials Direct labor Variable manufacturing overhead Total standard cost hours hu $ 0.00