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 Standard Price or Rate S6 per yard Standard Cost S? Direct materials Direct labor Variable manufacturing overhead $3 per direct labor-hour Total standard cost S? 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 Variable Manufacturing Overhead 4,200 $3,600 Materials UsedDirect Labor Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance S16,800 $15,000 $10,500 $1.200U 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 1500 So 15F 5. What is the standard direct labor rate per hour? 3 Answer is not complete. Standard variable manufacturing overhead cost for March Standard variable manufacturing overhead rate per direct labor-hour Standard direct labor-hours for March Standard direct labor cost for March Standard direct labor rate per hour 6. 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 (i.e, zero variance)) Labor rate variance Labor efficiency variance 8. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) & Answer is not complete Standard Cost Standard Quantity or Hours Standard Price or Rate 2.00 yards 1.40hours 1.40hours Direct materials $ 6.00 per yard 16.80 Direct labor per hour Variable manufacturing S 3.00 per direct labor- 4.20 overhe ad hour Total standard cost 21.00