Highland Company produces a lightweight backpack that is popular with college students. Standard varlable costs relating to a sing backpack are given below: Overhead is applied to production on the basis of direct labor-hours. During March, 440 backpacks were manufactured and sold. Selected Information relating to the month's production is given below: *For the month's production. The following additional Information is avallable for March's production: Required: Hint: It may be helpful to complete a general model dlagram for direct materlals, direct labor, and varlable 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 materlal are required at standard per backpack? 4. What was the materlals price varlance for March If there were no beginning or ending Inventorles of materlals? 5. What Is the standard direct labor rate per hour? 6. What was the labor rate varlance for March? The labor efficlency varlance? 7. What was the varlable overhead rate varlance for March? The varlable overhead efficlency varlance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. What is the standard cost of a single backpack? (Round your answer to 2 decimal places.)