find the standard price of direct labor per hour and standard cost

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below or Rate 56 per yard $3 per direct or Hours S? Direct materials Direct labor Variable manufacturing overhead 7 labor-hour Total standard cost 5? Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold. Selected information relating to the month's production is given below Manufacturing Overhead $4,200 53,600 Direct Labor 10,500 Materials Used Total standard cost allowed Actual costs incurred 16,800 $15,000 Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead e 1,200U variance For the month's production. The following additional information is available for March's production 1500 0 15 Actual direct labor-hours March 8. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Standard Standard Price or Rate 6.00 per yard 5.00per hour 3.00 per direct labor- Standard Quantity or Hours 280yards 1.40 hours 140 hours S S 16.80 Direct materials Direct labor Variable manufacturing overhead Total standard cost 21.00 3 S 4.20 hour S 42.00