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	?	$ 4.50	per yard	$ ?
Direct labor	?	?		?
Variable manufacturing overhead	?	$ 2	per direct labor-hour	?
Total standard cost per unit				$ ?

Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were manufactured and sold. Selected information relating to the months production is given below:

	Materials Used		Direct Labor	Variable Manufacturing Overhead
Total standard cost allowed*	$ 9,540		$ 5,936	$ 1,484
Actual costs incurred	$ 8,645		?	$ 1,690
Materials price variance	?
Materials quantity variance	$ 1,575	U
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 Marchs production:

Actual direct labor-hours	795
Difference between standard and actual cost per backpack produced during March	$ 0.20	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.

Chademy work 2 33 Dentity Dirt Rials Hours standardowo late Standard Direct labor 14.50 per yard Varieturing overhead # per direct shor-hour Total standard count 1 Overhead is applied to production on the basis of direct labor hours. During March 530 backpacks were manutactured and sold Selected information relating to the month's production is given below Hele Direct Labor Overhead Total standard est allowed 3.540 33.93 81.04 Malta Led Materiais parance Material quality variance 31.575 Labe rate variance Loty a Var det var Varate de vara "For the month's production The following additional information is available for March's production al direct labore bitterence betweetal cost per Backpack procedure March Required: Hint it may be helpful to complete a general model diagram for direct materials de labor and variable mag swerhead om tempting to answer any of the requirements z 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 inte variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack 333 Dit rece Complete this question by entering your answers in the tabs below. Requr Required 1 Required Required Required Required red Required what is the standard cost of a single backpack (Round your answer to 2 decimal places) Required 2 > Net2