Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:StandardQuantity orHours?Direct materialsDirect laborVariable manufacturing overheadTotal standard cost per unitStandard Price or Rate$ $6\mathrm{.}00$ per yard$ $2$ per direct labor$-$hourStandardCost???Overhead is applied to production on the basis of direct labor$-$hours. During March, $760$ backpacks were manufactured and sold.Selected information relating to the month's production is given below:MaterialsUsed$ $18,240$$ $17,125$VariableManufacturingDirect LaborOverhead$ $15,808$$ $2\mathrm{.}432$$ $4,345$$ $2,310$ UTotal standard cost allowed$*$Actual costs incurredMaterials price varianceMaterials quantity varianceLabor rate varianceLabor efficiency varianceVariable overhead rate varianceVariable overhead efficiency variance$*$For the month's production.The following additional information is available for March's production:Actual direct labor$-$hoursDifference between standard and actual cost per backpackproduced during March$1,140$$ $0\mathrm{.}10$ FRequired:$($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 variance 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.Complete this question by entering your answers in the tabs below.Required $1$Required $2$Required $3$Required $4$ Required $5$Required $6$Required VityRequired &What is the standard cost of a single backpack? $($Round your answer to $2$ decimal places.$)$Standard cost of a single backpackRequired $2>$