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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 or Hours 2 2 Standard Cost $ Direct materials Direct labor Variable manufacturing overhead Total standard cost permit Standard Price or Rate $6 per yard 32 per direct labor $3 hour > mint Pences Overbead is applied to production on the basis of direct labor-hours During March 1000 backpacks were manufactured and sold Selected information relating to the month's production is given below Variable Materials an Used Director Orhead Total standard cost allowed $ 16,000 121,00 4,200 Actual costs incurred $ 15,000 2 Materials price variance Materials quantity variance $1,2000 Labor rate variance Labor officiency variance Variable overhead rate Valance Variable overhead officiency variance $3,600 For the month's production The following additional information is available for Murch's production Actual direct laborehours Difference between standard and actual cost per backpack produced during March 1,500 3.15 Actual direct labor-hours 1,500 Difference between standard and actual cost per backpack produced during March $ 0.15 F Required: Hint It may be helpful to complete a general model diagram for direct materials, direct labor 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 por 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 variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Required 5 Required Required Required & Prepare a standard cost card for one backpack (Round your answers to 2 decimal places) Standard Quantity or Standard Hours Standard Price or Rate Cost Duet materials yards 5 000 per yard Drect labor hours per hour Variable manufacturing overhead hours $300 per direct labor hour Total standard cost 000