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Problem 9-26 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] B Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Print Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours ? Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Standard Price or Rate $ 5.00 Per yard Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 2 $2 per direct labor-hour Materials Used $ 14,400 $ 12,096 Overhead is applied to production on the basis of direct labor-hours. During March, 720 backpacks were manufactured and sold. Selected information relating to the month's production is given below: 7 $ 720 U 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: 1,080 $ 0.25 P Variable Manufacturing Overhead $ 2,304 $ 4,716 Direct Labor $ 13,248 2 Standard. Cost $2 2 ? $7 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) Complete this question by entering your answers in the tabs below. Required 3 Required 4 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Required 1 Required 2 Required 1 Required 5 Required 6 Required 7 Required 2 > Required 8 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 Required 8 What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack Complete this question by entering your answers in the tabs below. backpack. Required 1 Required 2 Required 4 Required 5 Required 6 Required 7 Required 8 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack Reqared 3 this question enterin Materials price variance Materials quantity variance Spending variance Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 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 (1.e., zero variance). Input all amounts as positive values.) in the tabs below. 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 Required 8 What is the standard direct labor rate per hour? (Round your answer to 2 decimal places.) Standard direct labor rate per hour 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 Required 8 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 (.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance 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 Required 8 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 (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Required 1 Required 2 Required 3 Required 4 Required 6 Required 7 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Direct materials Direct labor Variable manufacturing overhead Total standard cost yards hours hours Standard Cost HOUE Required 8