ACCT 1040 Managerial Excel problem for chapter 9 Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Cost Card Standard Standard Quantity Rate or Standard or Hours Price Cost Direct Materials (yds) 2.8 $ 6.00 $ 16.80 Direct Labor(hours) 1.4 $ 15.00 $ 21.00 Variable MOH(/DL hrs.) $ 3.00 $ 4.20 Total standard cost per unit $ 42.00 1.4 During March, 1,000 backpacks were manufactured and sold. 3,000 yards of material (all direct) was purchased at a cost of $5.50/yard and 2,900 yards were used in production. They incurred $23,250 in Direct Labor costs and $3,600 in variable MOH costs from 1,500 direct labor hours. Required: Input section properly labeled and linked to the solution. Calculate the following: a. Material Price variance b. Material Quantity variance C. Labor Rate variance d. Labor Efficiency variance e. VMOH Spending variance f. VMOH Efficiency variance