4 Problem 10-16 Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below 10 points Standard Quantity or Hours Standard Price or Rate Standard Cost $8.00 per yard Direct materials Direct labor eBook per direct labor- $ 2 hour Variable manufacturing overhead Total standard cost per unit Print Overhead is applied to production on the basis of direct labor-hours. During March, 600 backpacks were manufactured and sold. Selected information relating to the month's production is given below Reterences Variable Materials Used s 15,360 s 13,965 Direct Manufacturing Labor $9,000 Overhead $1,800 $2,985 Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance s 600 U For the month's production. The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack 900 produced during larch s 0.20 F Hint It may be heipful to complete a general model diagram for direct materials, direct labor, and variable 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 e varance for March d there were no beginning or ending inventonies of materials? 5 What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency vanance? 7 What was the vanable overhead rate variance for March? The vaiable overhead efficiency variance? 8 Prepare a standard cost card for one backpack Complete this question by entering your