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 $5.10 per yard Standard Cost 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: Variable Manufacturing Overhead $2,304 $2,722 Materials Used Direct Labor $13,248 $14,688 $12,218 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 $510U