3 ok ces 2 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 Coat Direct materials ? $5.00 per yard $2 Direct labor 7 2 Variable manufacturing overbond 2 $2 per direct labor-hour 2 Total standard cost per unit $ Overhead is applied to production on the basis of direct labor-hours. During March 440 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Direct Variable Manufacturing hed Labor Overhead Total standard cost allowed $ 9.460 $ 6,468 $ 1,232 Actual conte incurred S8,272 $ 1,738 Materials price variance 2 Materials quantity variance $ 880 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 660 Difference between standard and actual cost per backpack produced during March $ 0.20 T Required: Hint it may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 2 2 WNION backpack produced during March 00.20 Required: Hint: it may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Required 2 >