Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below. Standard Standard Price Standard Quantity or Hours or Rate Cost Direct materials 7 $4.00 per yard $? Direct labor ? ? Variable manufacturing per direct overhead $ 2 labor-hour 7 Total standard cost per unit $? 7 ? ? 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: Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed* $6,720 $4,368 $1,092 Actual costs incurred $5,355 $1,407 Materials price variance Materials quantity variance $ 420 U Labor rate variance 2 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: 630 Actual direct labor-hours 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 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 Required Required Required Required Required Required Required What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single 6 backpack Remed Required 2 > Complete this question by entering your answers in the tabs below. 8 Required Required Required Required Required Required Required Required 2 3 5 6 7 What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack Complete this question by entering your answers in the tabs below. 8 Required Required Required Required Required Required Required Required 13 5 6 7 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 2 7 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 (lue, zero variance). Input all amounts as positive values.) Show less Materials price variance Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 2 3 5 6 7 What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per hour Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 2 3 5 7 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 (l.e., zero variance). Input all amounts as positive values.) Show less Labor rate variance Labor efficiency variance Required 5 Required 7 > Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 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 (.e., zero variance). Input all amounts as positive values.) Show less Variable overhead rate variance Variable overhead efficiency variance Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 2 3 5 6 7 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Standard Price or Standard Hours Rate Cost Direct materials yards $ 4.00 per yard Direct labor hours per hour Variable manufacturing hours $2.00 per direct overhead labor-hour Total standard cost Required 7 Regulee