Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Nov 2017 My Price 10.00

Highland Company

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 ? $7.8 per yard $?
Direct labor ? ? ?
Variable manufacturing overhead ? $3.9 per direct labor-hour ?
Total standard cost    

$?

Overhead is applied to production on the basis of direct labor-hours. During March, 1,200 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* $28,080 $16,116 $7,956
Actual costs incurred $26,696 ? $7,356
Direct materials price variance ?    
Direct materials quantity variance $1,248 U    
Direct labor rate variance   ?  
Direct 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 2,140  
Standard overhead rate per direct labor-hour $3.9  
Standard price of one yard of materials $7.8  
Difference between standard and actual cost per backpack produced during March $.15 F
Requirement 1:

What is the standard cost of a single backpack? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

 

Standard cost $
Requirement 2:

What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

 

Actual cost $
Requirement 3:

How many yards of material are required at standard per backpack? (Round your answer to 2 decimal places.)

 

Material   yards per backpack

 

Requirement 4:

What was the direct materials price variance for March? (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. Omit the "$" sign in your response.)

 

Price variance $ (Click to select) None U F
Requirement 5:

What is the standard direct labor rate per hour? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

 

Standard rate $ per DLH

 

Requirement 6:

What was the direct labor rate variance for March? The direct labor efficiency variance? (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. Omit the "$" sign in your response.)

 

Labor rate variance $ (Click to select) None F U
Labor efficiency variance $ (Click to select) U F None

 

Requirement 7:

What was the variable overhead rate variance for March? The variable overhead efficiency variance?(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. Omit the "$" sign in your response.)

 

Rate variance $ (Click to select) F U None
Efficiency variance $ (Click to select) U F None

 

Requirement 8:

Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

 

  Standard Quantity or
Hours		 Standard Price or Rate Standard Cost
Direct materials yards 7.8 per yard $
Direct labor hours $ per hour  
Variable manufacturing overhead hours 3.9 per hour  
Total standard cost

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Nov 2017 10:11 PM My Price 10.00

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