Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours Standard Price or Rate $3.00 per yard Standard Cost $7 $2 per direct labor-hour $7 Overhead is applied to production on the basis of direct labor-hours. During March, 570 backpacks were manufactured and sold. Selected Information relating to the month's production is given below. Direct Materials Used Labor $8,550 $ 6,080 5.570 U Variable Manufacturing Overhead $ 1,596 $2,812 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 "For the month's production $6,384 The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1 30.20 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable 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 material are required at standard per backpack? 4. What was the materials price varlance for March if there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single kare given below. materials Labon Re manufacturing overhead standard cost per unit Standard Quantity or Hours 7 Standard Price or Rate Standard Cost $3.00 per yard $2 per direct labor-hour $? d is applied to production on the basis of direct labor-hours. During March, 570 backpacks were manufactured and sold. Information relating to the month's production is given below standard cost allowed costs incurred price variance quantity variance. variance ency variance rerhead rate variance overhead officiency variance Materials Used $8,550 Direct Labor $6,184 Variable Ranufacturing Overhead $3,596 2,812 5.570 U For the mons production. The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March Required: 855 $0.20 F