Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below (standard cost card): Standard Standard Quantity or Standard Price Cost (SQ X Hours (SQ) or Rate (SR) SR) Direct materials $6 per yard $? Direct labor Variable manufacturing overhead $3 per direct labor-hour Total standard cost $? Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Materials Used Direct Labor Overhead Total standard cost allowed* $16,800 $10,500 $4,200 Actual costs incurred $15,000 $3,600 Direct materials price variance o.com Direct materials quantity variance $1,200 U Direct labor rate variance Direct labor efficiency variance Variable overhead rate variance source wa Variable overhead efficiency variance For the month's production. e The following additional information is available for March's production: Actual direct labor-hours 1,500 Standard overhead rate per direct labor-hour $3.00 Standard price of one yard of materials C $6.00 Difference between standard and actual cost per backpack produced during March $0.15 F Beginning and ending inventory of direct materials 0 yard Requirement 1: What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Requirement 2: What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.)Requirement 2: What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Requirement 3: How many yards of material are required at standard per backpack? (Round your answer to 2 decimal places.) Requirement 4: What was the direct materials price variance for March? (Indicate the effect of each variance by "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 5 This study source was downloaded by 100000837234671 from CourseHero.com on 11-21-2021 08:33:58 GMT -06:00 https://www.coursehero.com/file/8065439/TUTORIAL-8-QUESTIONS/ TUTORIAL 8 Requirement 5: What is the standard direct labor rate per hour? (Round your answer to 2 decimal places.) Requirement 6: What was the direct labor rate variance for March? The direct labor efficiency variance? (Indicate the effect of each variance by "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Requirement 7: What was the variable overhead rate variance for March? The variable overhead efficiency variance?(Indicate the effect of each variance by "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)Requirement 8: Prepare a standard cost card for one backpack in the following format. (Round your answers to 2 decimal places.) Standard Standard Quantity or Standard Price Hours (SQ) or Rate (SR) Cost (SQ X SR) Direct materials $6 per yard $? Direct labor ? Variable manufacturing overhead $3 per direct labor-hour Total standard cost $