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 Standard Price Standard or Hours or Rate Cost Direct materials ? $6.7 per yard $? Direct labor ? ? ? Variable manufacturing overhead ? $3.3 per direct labor-hour ? Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 1,100 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used Direct Labor Variable Manufacturing Overhead Total standard cost allowed* $29,480 $16,016 $5,808 Actual costs incurred $25,630 ? $5,008 Direct materials price variance ? Direct materials quantity variance $1,742 U Direct labor rate variance ? Direct labor efficiency variance Variable overhead rate variance ? Variable overhead efficiency variance ? *For the month's production. The following additional information is available for March's production: Actual direct labor-hours 1,960 Standard overhead rate per direct labor-hour $3.3 Standard price of one yard of materials $6.7 Difference between standard and actual cost per backpack produced during March $.75 F Requirement 1: What is the standard cost of a single backpack? (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Standard cost $ _____?_____ Requirement 2: What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Actual cost $_____?______ Requirement 3: How many yards of material are required at standard per backpack? (Round your answer to 2 decimal places.) Material _____?_____yards per backpack Requirement 4: What was the direct materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.) Price variance $_____?_____ F Requirement 5: What is the standard direct labor rate per hour? (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Standard rate $ _____?_____ per DLH Requirement 6: What was the direct labor rate variance for March? The direct labor efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.) Labor rate variance $_____?_____ U Labor efficiency variance $_____?_____ U Requirement 7: What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.) Rate variance $_____?_____ F Efficiency variance $_____?_____ U Requirement 8: Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Standard Quantity Standard Price Standard Cost or Hours or Rate Direct materials _____?_____yards 6.7 per yard $_____?_____ Direct labor _____?_____hours $__?__ per hour _____?_____ Variable manufacturing _____?_____hours 3.3 per hour _____?_____ overhead Total standard cost $_____?_____