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$10- $30

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Highland Company produces a lightweight backpack t

Project Description:

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 or Hours Standard Price or Rate Standard Cost Direct materials ? $4.70 per yard $ ? Direct labor ? ? ? Variable manufacturing overhead ? $2 per direct labor-hour ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 700 backpacks were manufactured and sold. Selected information relating to the month’s production is given below: Materials Used Direct Labor Variable Manufacturing Overhead Total standard cost allowed* $13,160 $10,500 $2,100 Actual costs incurred $10,730 ? $2,470 Materials price variance ? Materials quantity variance $ 470 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 1,220 Difference between standard and actual cost per backpack produced during March $0.34 F

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