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I need solutions and answer of problems 6 - 8 thank you Highland Company produces a lightweight backpack that is popular with college students. Standard

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed I need solutions and answer of problems 6 - 8 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: Standard Qtity Standard Price Standard or Hours Cost or Rate $4.00 per yard Direct materials Direct labor Variable manufacturing overhead $2 per direct labor-hour Total standard cost 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 Manufacturing Overhead $1,092 $827 Materials Used Direct Labor S4,368 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 $6,720 $5,340 $400 U "For the month's production The following additional information is available for March's production Actual direct labor-hours Standard overhead rate per direct labor-hour Difference between standard and actual cost per backpack produced during March 700 S2.00 $0.15 F Required 1. What is the standard cost of a single backpack? Standard cost for March production Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack

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