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Problem 9-26 (Algo) Comprehensive Variance Analysis (L09-4, LO9-5, LO9-6) Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating

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Problem 9-26 (Algo) Comprehensive Variance Analysis (L09-4, LO9-5, LO9-6) 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 Standard Hours Standard Price or Rate Cost Direct materials $5.00 per yard $ Direct labor Variable manufacturing overhead $ per direct labor hour Total standard cost per unit Overhead is applied to production on the basis of direct tabor hours. During March 780 backpacks were manufactured and sold. Selected information relating to the month's production is given below. > $ Variable Materials Manufacturing used Direct Labor Overhead Total standard cost allowed $ 15,600 $ 13,104 $ 2,496 Actual costs incurred $ 13,112 Materials price variance Materials quantity variance $ 790 Labor Pate variance Labor 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 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,170 $ 0.0 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 varlance? 7. What was the variable overfiead 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 1 Required 2 Required Required 4 Required 5 Required 6 Required Required 8 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a sig backpack PE Required 2 >

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