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Company produces a lightweight backpack that is popular with college students

Accounting

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 ? per direct labor \$ 2 hour Standard Cost \$? ? Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit ? ? \$? Overhead is applied to production on the basis of direct labor-hours. During March, 400 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 \$ 9,120 \$5,00 \$ 960 Actual costs incurred \$ 5,520 \$2,620 Materials price variance ? Materials quantity variance \$ 1,920 U 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 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March bee 8.20 F
he following additional information is available for March's production: Actual direct labor-hours 600 Difference between standard and actual cost per backpack \$ 0.20 F produced 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? 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 not complete. Complete this question by entering your answers in the tabs below.
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 not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Rinuired 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 yards hours is 0.00 Direct materials Direct labor Variable manufacturing overhead Total standard cast per yard per hour per direct labor hour hours \$ 2.00 0.00

2.89 USD

Option 2

rated 5 stars

Purchased 3 times

Completion Status 100%