Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help understand how to complete Questions 6-8 please and thank you! Highland Company produces a lightweight backpack that is popular with college students.

image text in transcribedI need help understand how to complete Questions 6-8 please and thank you!

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Overhead is applied to production on the basis of direct labor-hours. During March, 600 backpacks were manufactured and sold. Selected information relating to the month's production is given below: *For the month's production. The following additional information is available for March's production: Requlred: 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. 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting And Auditing In Sovereign Operations Technical Guidance Note

Authors: Asian Development Bank

1st Edition

9292698192, 978-9292698195

More Books

Students also viewed these Accounting questions

Question

Presentation Aids Practicing Your Speech?

Answered: 1 week ago