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 orStandard Price Standard Cost Hours or Rate $7.6 per yard Direct materials Direct labor Variable manufacturing overhead Total standard cost S? 53 5 per direct labor-hour 5? Overhead is applied to production on the basis of direct labor-hours. During March, 1.700 backpacks were manufactured and sold. Selected information relating to the month's production is given below Variable Manufacturing Overhead $10,115 $9,315 Materials Used Direct Labor $26,010 Total standard cost allowed Actual costs incurred Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $38,760 $33,920 $1,520 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 Standard price of one yard of materials Diference between standard and actual cost per backpack produced during March 2,990 $3.5 $7.6 $.40 F