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 or standard Hours Standard Price or Rate Cost Direct materials ? 6 0: per yard 5 ? Direct labor ? ? ? Variable manufacturing overhead ? $ 2 per direct labor-hour ? Total standard cost per unit $ ? 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: Variable Materials Manufacturing Used Direct Labor Overhead Total standard cost allowed* $ 13,240 $ 15,808 $ 2,432 Actual costs incurred $ 17,125 ? $ 4,345 Materials price variance ? Materials quantity variance $ 2,310 U Labor rate variance ? Labor efficiency variance ? Variable overhead rate variance P Variable overhead efficiency variance P *For the month's production. The following additional information is available for March's production: Actual direct laborhours 1,140 Difference between standard and actual cost per backpack produced during March $ 0.10 F n-_..t-_ .I. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. 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.) Materials price variance Materials quantity variance Spending variance Complete this question by entering your answers In the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the standard direct labor rate per hour? (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the labor rate variance for March? The labor efficiency variance? (Do not round your intermediate calculations. 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.) Labor rate variance Labor efficiency variance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round intermediate calculations. 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.) Variable overhead rate variance Variable overhead efficiency variance Complete this question by enterlng your answers In the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 l Required 8 I Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Direct materials Direct labor Variable manufacturing overhead Total standard cost