Based on the information given, it should be noted that the standard cost of a single backpack will be $32.00.
From the complete information, the standard cost for the backpack is calculated thus:
Materials = $9540
Direct labor = $5936
Variable manufacturing overhead= $1484
Total standard cost = $16960
Since the number of backpacks is 530, the standard cost for a single backpack will be:
= $16960 / 530
= $32.00
The actual cost per backpack will be:
= $32.00 - $0.20
= $31.80
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