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Highland Company produces a lightweight backpack that is popular with college students Standard relating to a single backpack are given below. Standard Quantity Standard Price Standard or Hours or Rate Cast Direct materials 7 36.00 per yard $7 Direct labor 7 7 Variable manufacturing per direct overhead 7 $ 2 labor-hour Total standard cost per unit 57 Used Overhead is applied to production on the basis of direct labor-hours. During March, 800 backpacks were cured and sold Selected information relating to the month's production is given below Variable Materials Direct Manufacturing Labor Overhead Total standard cost allowed $19,200 $9,200 51,600 Actual costs incurred $11,100 ? $4,740 Materials price variance ? Materials quantity variance $3,000 U Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead 7 efficiency variance "For the month's production The following additional information is available for March's production Actual direct labor-hours 1,200 Difference between standard and actual cost per backpack produced $ 8.15 F during March 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. 4 What was the materials price variance for March if there were no beginning or ending inventories of materiale 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 verance B. Prepare a standard cost card for one backpack Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 2 3 5 7 B What was the materials price variance for March if 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, "U" for unfavorable, and "None for no effect (ie, zero variance). Input all amounts as positive values.) Show less Materials price variance S (5,100 XF 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 Standard Price Standard or Hours or Rate Cost Direct materials $6.00 per yard $7 Direct labor 7 7 Variable manufacturing per direct overhead 7 $ 2 tabor-hour Total standard cost per unit $? Overhead is applied to production on the basis of direct labor hours. During March, Boo backpacks were manufactured and sold. Selected information relating to the month's production is given below Variable Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed $19,200 59,20 $1,600 Actual costs incurred $11,100 7 $4,740 Materials price variance 7 Materials quantity variance $3,000 U Labor rate variance Labor efficiency variance Variable overhead rate 2 variance Variable overhead efficiency variance 7 "For the month's production The following additional information is available for March's production Actual direct labor-hours 1,200 Difference between standard and actual cost per backpack produced $ 0.15F during March 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? z What was the variable overhead rate variance for March? The variable overhead officiency variance? 8. Prepare a standard cost card for one backpack Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 2 4 5 7 B What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round intermediate calculations, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None' for no effect (t.e, zero vartance). Input all amounts as positive values.) Show less X 8 Variable overhead rate variance Variable overhead efficiency variance X 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. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 2 5 8 4 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Price or Rate Standard Cost Standard Quantity or Hours X lyards X hours Direct materials Direct labor Variable manufacturing overhead Total standard cost $ 6.00 per yard x per hour $ 2.00 per direct labor-hour hours $ 0.00

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