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Highland Company produces a lightweight backpack that is popular with college students. Standard varlabie costs reiating to a sing backpack are given below: Overhead is applied to production on the basis of direct labor-hours. During March, 800 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 avallable for March's production. Actual direct labor-hours Gifference betasen standard and actual cose per beibeach- 1,200 produced during March Required: Hint. It may be helpful to complete a general model diagram for direct materials, direct labor, ond voriable manufocturing overiteod before attempting to onswer any of the requirements 1 Whot is the standard cost of a single bockpack? 2. What was the octual cost per bockpack produced duting Maret? 3 How many yards of moterial 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 rote voriance for March? The labor efficiency varionce? 7 What was the varioble overhead rate vailance for Morch? The vanoble overhead efficiency varionce? 8. Piepore a standard cost catd for one backpock. Complete tis question by entering your answers in the tabs below. What is the stavdard cost of a singhe barkpork? (found your answer to 2 decima) ploces.) 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 backpock? 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 moterials price variance for March if there were no beginning or ending inventories of materials? 5 What is the standard direct labor rate per hou? 6. What was the labor rote variance for March? The labor etficiency variance? 7. What was the varable overhend rate vanance for March? The variable overhead efficiency variance? 8. Prepore a standard cost card for one bockpock Complete this question by entering your answers in the fabs below. What wis the octual cost per backpock produced during March? (Round your answer to 2 decimal places.) Required: Hint it may be helpful to complete a general model diagram for direct materials, direct labor, and voriable 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 tate 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. How many yards of material are required at standard per backack? (Round your answer to 1 decimai place.) 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 vaniance for March? The lobor 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 materials price variance for March if there were no beginning or ending imventories of materfals? (Do not round Whermediate calculations Indicate the effect of each variance by selecting "T" for favorable, "U* for untevorable, and "None" for no effect (i.e, zero variance). Input all amounts os positive values.) Required: Hint. It may be helpful to complete a general model diagram for direct materlals, 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 moterials price variance for March if there were no beginning or ending inventories of rateriais? 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 stendard cost card for one backpack Complete this question by entering your answers in the tabs below. What is the standard direct labor rote per hour? (Round your answers to 2 decirial places.) Required: Hint: It may be helpful to complete a general model diagram for direct materiais, 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 stondard 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 varlable overhead efficiency variance? 8. Prepare a standerd cost card for one bockpack. Complete this question by entering your answers in the tabs below. What was the fabor rate variance for March? The labor effidiency variance? (Do not round your intermediate colculations. Indicate the elect of ead vacance by selecting "F" for favoroble, "U" for unfovorable, and "None" for no effect (le., Zero Required: Hint It may be helpful to complete a general model diagram for direct matenals. direct labor, and variabie 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 dunng 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 materiais? What is the standard direct labor rate per hour? 5. What was the labor rate variance for March? The labor efficiency variance? 7. What was the vanable overhead rate variance for March? The variable overhead efficiency variance? 8 Prepare a standard cost card for one backpock. Complete this question by entering your answers in the tabs below. What was the variable overhead rate vanance for March? The variable overhead efficiency variance? (Do nat round intemiedinte colculatioms indicate the eftect of bach variance by setocting "P" for favorable, "Y" for unfovarable, and "None" for no effect (lie, zero variance), Input inl amounts as positive values.) Required: Hint It may be helpful to complete a general model diagram for direct materlals, 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 vaniance for March if there were no beginning or ending inventories of moterials? 5. Whot is the standard direct labor rate per hour? 6 What was the labor rate variance for March? The lobor efficiency vatiance? 7 Whot was the variable overhead rate variance for March? The variable overhead efficiency varionce? 8 Prepare a standard cost card for one bockpock. Complete this question by entering your answers in the tabs below. Prepare a standard cost card for one bskkpock. (Round your answers to 2 dedimal places.)
