Highland Company produces a lightweight backpack that is popular with college students Standard vanable costs relating to a single backpack are given below Standard Quantity or Hours Standard Price or Rate $6.ee per yard Standard Cast $ > Direct materials Direct labor per direct labor- 2 hour $ Variable manufacturing overhead Total standard cost per unit ? $ Overhead is applied to production on the basis of direct labor-hours. During March 800 backpacks were manufactured and sold Selected information relating to the month's production is given below. Variable Materials Direct Manufacturinis Usted Labor Overhead Total standard cost allowed $ 19,200 59.200 $1,600 Actual costs incurred 5. 11.100 2 54,740 Materials price variance 2 aterials quantity variance $ 5,000 Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead officiency 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 1,200 Difference between standard and actual cost per backpack produced during March $ 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 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 eficiency variance 7 What was the variable overhead rate variance for March? The vanable overhead efficiency vananice? 8. Prepare a standard cost card for one backpack 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 What is the standard cost of a single backpack? (Round your answer to 2 decimal places) Standard cost of a single backpack Required 2 >
