Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 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: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack

Question

I need assistance solving questions 1,2, and 3. Thank you

Standard Quantity
Standard Price
Standard
or Hours
?
or Rate
$5.00 per yard
Cost
Direct materials
$ ?
Direct labor
?
?
?
$2 per direct
labor-hour
Variable manufacturing overhead
?
Total standard cost
$?
Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer
manufactured and sold. Selected information relating to the month's production is given below:
Variable
Manufacturing
Overhead
$2,528
$3,421
Materials Used
Direct Labor
$15,800
$13,120
$13,272
?
Total standard cost allowed*
Actual costs incurred
Materials price variance
Materials quantity variance
Labor rate variance
?
$ 600 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:
1,400
$0.10 F
Actual direct labor-hours
Difference between standard and actual cost per backpack produced during March
Required:
1. What is the standard cost of a single backpack?
Standard cost for March production:
Materials
Direct labor
Variable manufacturing overhead
Total standard cost
Number of backpacks produced
Standard cost of a single backpack
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Transcribed Image Text

Standard Quantity Standard Price Standard or Hours ? or Rate $5.00 per yard Cost Direct materials $ ? Direct labor ? ? ? $2 per direct labor-hour Variable manufacturing overhead ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks wer manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Overhead $2,528 $3,421 Materials Used Direct Labor $15,800 $13,120 $13,272 ? Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance ? $ 600 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: 1,400 $0.10 F Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? Standard cost for March production: Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack

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