Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours Standard Price or Rate $ 6.00 per yard Standard Cost $7 $2 per direct labor-hour Overhead is applied to production on the basis of direct labor-hours. During March, 520 backpacks were manufactured and soll Selected Information relating to the month's production is given below. Variable Manufacturing Overhead Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Materials Used $ 15,600 $14,325 Direct Labor $ 7,280 $1,456 $ 1,717 ? $ 1,590 U ? ? ? Variable overhead efficiency variance 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 produced during March Required: 780 $ 0.20 F Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhe 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 varlance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack.