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 Hours Direct material 2 Direct labor 2 Variable manulacturing overhead Total standard cost per unit Standard Cost 62 Standard Price or Rate $3.00 per yard 2 per direct 2 labor-hour 2 Overhead is applied to production on the basis of direct labor-nours. During March, 570 backpacks were manufactured and sold. Selected Information relating to the month's production is given below: Variable MA als Used $8.550 56,080 Direct Labor $6,384 2 Manutacturing Overhead $1,596 $2,012 $ 570 U Total standard cost allowed Actual coats incurred Materials price variance Materiale quantity variance Labor rate variance Labor efficiency variance Variable overhead rate varLance Variable overhead officiency variance 2 2 "For the month's production The following additional Information is available for March's production: 255 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.20 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 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 officiency variance? 8. Prepare a standard cost card for one backpack