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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 Standard Price Standard or Hours or Rate Coat Direct materials $4.50 per yard $ Direct labor per direct Variable manufacturing overhead $ 2 Inbor-hour Total standard cost per unit 52 2 Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were manufactured and sold, Selected Information relating to the month's production is given below. Variable Materiais Direct Manufacturing Used Labor Overhead Total standard cost alloved 59,560 $5,936 $1,404 Actual conte incurred $ 3.645 $1,690 Materiale price variance > Materials quantity variance 1.575 V Labor rate variance Labor eftetency variance Variable overhead rate variance Variable overhead efficiency variance For the month's production The following additional information is available for March's productions ARST LEGO bohos Difference between standard and actunt cont per backpack proded during Mare 30.101 Required: Hint It may be helpful to complete a general model diagram for direct materials, direct labot, 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? What was the laborate variance for March? The labor efficiency variance? Complete this question by entering your answers in the tabs below. Required 8 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Sundard cost of a single backpack Required 2 > 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 8 What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cont per backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Required Required 6 Required 7 Required B How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Required Required 7 Required B What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. Indicate the effect of each variance by selecting " for favorable, *U* for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Manais price wariance Complete this question by entering your answers in the tabs below. Required Required 1 Required 2 Required 3 Required Required Required 6 Required What is the standard direct labor rate per hour?(round your answers to 2 decimal places) Standard orect laborale per hour 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 a What was the labor rate variance for March> The labor efficiency variance? (Do not round your intermediate calculations Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance), Input all amounts as positive values) Labor rule variance Labor afficiency variance 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 B What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round Intermediate calculations, indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable, and "None" for no effect (e, zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overeadofficiency variance