What's the correct answer & solution ?
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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Price or Rate Direct materials Direct labor Variable manufacturing overhead Total standard cost Standard Quantity or Hours 4.00 yards 1:40 hours 1.40 hours $ 6.00 per yard 8.003 per hour $ 3.00 per direct labor hour Standard Cost $ 20.00 16.80 3.20 $ 40.00 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Price or Rate Direct materials Direct labor Variable manufacturing overhead Total standard cost Standard Quantity or Hours 4.00 yards 1:40 hours 1.40 hours $ 6.00 per yard 8.003 per hour $ 3.00 per direct labor hour Standard Cost $ 20.00 16.80 3.20 $ 40.00
