Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:

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 Standard Price or Rate Standard Cost Direct materials Direct labor $6.00 per yard per direct $2 labor-hour Variable manufacturing overhead Total standard cost per unit Overhead is applied to production on the basis of direct labor-hours. During March, 520 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Used 15,600 $ 14,32!5 Direct Manufacturing Labor $7,280 Overhead $1,456 $1,717 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 $ 1,590U 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 780 $ 0.20 F backpack produced during March 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 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 2Required 3 Required 4 Required 5 Required 6 Required 7 Require What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Required 1Required 2 Required 3 Required 4 Required5 What was the actual cost per backpack produced during March? (Roun Actual cost per backpack Required 1Required 2 Required 3Required 4 Required 5 Require How many yards of material are required at standard per backpack? (Round you Number of yards per backpack Required 1 Required 2 Required 3 Required 4Required 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 (i.e., zero variance). Input all amounts as positive values.) Materials price variance Required 1Required 2 Required 3 Required 4 Required 5 Required 6Required 7 Required 8 What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per hour Required 1 Required 2 Required 3Required 4 Required 5 Required 6Required 7Required 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 Labor efficiency variance Required 1 Required 2 Required 3 Required 4Required 5 Required 6 Required 7Required 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 (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Required 1Rqired 2 Reqired 3 Required 4 Required 5 Required 6 Required 7Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Cost Standard Price or Rate $ 6.00 per yard Direct materials Direct labor Variable manufacturing overhead Total standard cost yards hours hours per hour $ 2.00 per direct labor-hour