Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct materials Direct labor Standard Quantity Dr Hours 2 2 Standard Price or Rate $6.00 per yard 7 per direct $ 2 labor-hour Standard Cost 52 2 Variable manufacturing overhead Total standard cost per unit 7 $? Overhead is applied to production on the basis of direct labor-hours. During March, 520 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used $ 15,600 $ 14,325 ? $ 1,590 V Direct Labor $7,280 ? Variable Manufacturing Overhead $1,456 $1,717 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 2 2 "For the month's production. The following additional information is available for March's production: 780 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.20 P Required: Hint: It may be helpful to complete a general model diagram for direct materials direct labor and variable manufacturing overhead