I need assistance solving question 8 only (second screen shot.) Thank you. ## Standard Cost Analysis for Backpack ProductionOverhead is applied to production on the basis of direct labor-hours. During March, 790 backpacks were manufactured and sold. Selected information related to the month’s production is given below:### Standard Cost Data| Component | Standard Quantity or Hours | Standard Price or Rate | Standard Cost ||------------------------------------|----------------------------|------------------------------------|----------------------|| Direct materials | ? | $5.00 per yard | $ ? || Direct labor | ? | ? | ? || Variable manufacturing overhead | ? | $2 per direct labor-hour | ? || Total standard cost | $? |*Note: The total standard cost will be calculated later based on provided data.*### Production and Variance Information| Component | Materials Used | Direct Labor | Variable Manufacturing Overhead ||--------------------------|----------------|--------------|--------------------------------|| Total standard cost allowed* | $15,800 | $13,272 | $2,528 || Actual costs incurred | $13,120 | ? | $3,421 || Materials price variance | ? | | || Materials quantity variance| $ 600 U | | || Labor rate variance | | ? | || Labor efficiency variance | | ? | || Variable overhead rate variance | | | ? || Variable overhead efficiency variance | | | ? |\*For the month’s production.### Additional Production Information for March- Actual direct labor-hours: 1,400- Difference between standard and actual cost per backpack produced during March: $0.10 Favorable (F)### Requirement1. **What is the standard cost of a single backpack?**### Standard Cost Calculation for March Production| Cost Type | Calculation | Amount ||-------------------------------|------------------------------------|-------------|| Materials | | || Direct labor | | || Variable manufacturing overhead| | || Total standard cost | || Number of backpacks produced | 790 | || Standard cost of a single backpack | Total standard cost / 790 | |*Note: Specific amounts will be calculated based on the missing data elements which need to be filled in based on ### Exercise 7:**Question:**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)).**Layout:**- **Table:** - **Row 1:** Variable overhead rate variance - **Row 2:** Variable overhead efficiency variance### Exercise 8:**Prepare a standard cost card for one backpack.** *(Round your answers to 2 decimal places.)***Table Explanation:**- **Headers:** - **Column 1:** Standard Quantity or Hours - **Column 2:** Standard Price or Rate - **Column 3:** Standard Cost- **Rows and their respective columns:** - **Row 1:** - **Standard Quantity or Hours:** [blank] - **Standard Price or Rate:** $5.00 per yard - **Standard Cost:** [blank] - **Row 2:** - **Standard Quantity or Hours:** [blank] - **Standard Price or Rate:** $[blank] per hour - **Standard Cost:** [blank] - **Row 3:** - **Standard Quantity or Hours:** [blank] - **Standard Price or Rate:** $2.00 per direct labor-hour - **Standard Cost:** [blank] - **Row 4:** Total standard cost

8. The standard Cost Card is as shown below: Formulation:

8. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Standard Price or Rate Cost yards $ per yard 5.00 Direct materials Direct labor hours per hour Variable manufacturing overhead $ per direct labor-hour hours 2.00 Total standard cost

8. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Standard Price or Rate Cost yards $ per yard 5.00 Direct materials Direct labor hours per hour Variable manufacturing overhead $ per direct labor-hour hours 2.00 Total standard cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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