Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below Standard QuantityStandard Price Standard Cost or Hours or Rate $5.10 per yard Direct materials Direct labor Variable manufacturing overhead $2 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 720 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used $14,688 $12,218 Variable Manufacturing Overhead $2,304 $2,722 Direct Labor $13,248 Total standard cost allowed Actual costs incurred aterials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $510 U For the month's production The following additional information is available for March's production: Actual direct labor-hours Standard overhead rate per direct labor-hour Difference between standard and actual cost per backpack produced during March 1,260 $2.00 $0.25 F