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 Cost Direct materials $6.00 per yard Direct labor 7 per direct Variable manufacturing overhead $ 2 labor-hour Total standard cost per unit or Rate or Hours 2 2 $ 7 ? 2 52 Overhead is applied to production on the basis of direct labor hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used $ 9,120 $ 5,520 2 $ 1,920 U Direct Labor $5,040 2 Variable Manufacturing Overhead $ 960 $2,620 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. The following additional information is available for March's productipn: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 600 $0.20 Required: 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 (.e., zero variance). Input all amounts as positive values.) $ 600U Labor rate variance Labor efficiency variance Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours yards Standard Cost Direct materials ou Standard Price or Rate $ per yard 6.00 per hour $ 2.00 per direct labor-hour hours Direct labor Variable manufacturing overhead hours Total standard cost $ 0.00