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Highland Company produces a lightweight backpack popular with college students. Standard variable costs relating to a single

backpack are given below:

Overhead is applied to production based on direct labor$-$hours. During March, $600$ backpacks were manufactured and sold. Selected

information relating to the month's production is given below:

$*$For the month's production.

The following additional information is avallable for March's production:

Actual direct labor$-$hours

Difference between standard and actual cost per backpack

produced during March

$$0\mathrm{.}20F$

Required:

Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and varlable manufacturing overhead

before attempting to answer any of the requirements.

What is the standard cost of a single backpack?

What was the actual cost per backpack produced during March?

How many yards of materlal are required at standard per backpack?

What was the materlals price variance for March if there were no beginning or ending inventorles of materials?

What is the standard direct labor rate per hour?

What was the labor rate varlance for March? The labor efficiency varlance?

What was the varlable overhead rate varlance for March? The varlable overhead efficlency varlance?

Prepare a standard cost card for one backpack.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

What was the materials price variance for March if there were no beginning or ending inventories of materials?

Note: Do not round 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.

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