Required Required Required Required Required Required Required Required Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Required Required Required Required Required Required Required Required 2 3 4 5 6 7 8 What was the variable overhead rate variance for March? The variable overhead effic variance? (Do not round intermediate calculations. Indicate the effect of each variand selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Show le Standard Price or Standard Rate Cost Standard Quantity or Hours yards hours $6.00 per yard per hour Direct materials Direct labor Variable manufacturing overhead Total standard cost hours $2.00 per direct labor-hour Variable overhead rate variance Variable overhead efficiency variance I I 1/8" margin Move with tej Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 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.) Show less Required Required Required Required Required Required Required Required What is the standard direct labor rate per hour? (Round your answers to 2 decimal places.) Standard direct labor rate per hour Labor rate variance Labor efficiency variance Complete this question by entering your answers in the tabs below. 1 Required Required Required Required Required Required Required Required Required Required Required Required Required Required F 4 How many yards of material are required at standard per backpa to 1 decimal place.) What was the materials price variance for March there were no beginning or ending inventories of materials? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable for unfavorable, and one for no effect (ie, ero variance). Input all amount as positive value) Show less Materias price Number of yards per backpack Rewired Required > Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required Required Required Required Required Required Required Required Required What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Required Required 2 > 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 $6.00 per yard Standard Cost Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit per direct 2 labor-hour peror-hour - $ Overhead is applied to production on the basis of direct labor-hours. During March, 520 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing Used Labor Overhead $15,600 $ 7,280 $1,456 $14,325 ? $1,717 $ 1,590 U 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 *For the month's production. The following additional information is available for March's production: 780 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $0.20 F 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 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