Problem 10-16 (Algo) Comprehensive Variance Analysis (L010-1, LO10-2, LO10-3) 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 $4.50 per yard Standard Cost $2 Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit 5 per direct labor 2 hour $ 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 month's production is given below. Direct Labor 55.9 Materials Used $ 9.540 $8,645 ? $1,575 Variable Manufacturing Overhead $1,484 $1,690 Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Libor efficiency variance Variable overhead rate variance Variable overhead officiency variance For the month's production The following additional information is available for March's production 795 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.20 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 hout? 6. What was the labor rate variance for Morch? 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 2 Required 1 Required Required 4 Required Required 6 Required Required What is the standard cost of a single backpack? (Round your answer to 2 decimal places) Standard cost of a single backpack Real Required 2 > Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Required 1 Required Required 6 Required Required What was the actual cost per backpack produced during March (Round your answer to 2 decimal places.) Achat cost per backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required Required Required B How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards por backpack Complete this question by entering your answers in the tabs below. Required 1 Required Required Required Required 5 Requiredo Required 2 Required 8 What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not found intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable for unfavorable, and "None" for no effect (14., zero variance). Input all amounts as positive values.) Materiais non vanno Complete this question by entering your answers in the tabs below. Porquired 1 required Reguleeds Required 6 equod Red What is the standard duct labor rate per hour? (Found your answers to 2 decal places) Standard taborne bou
