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 or Hours or Rate Direct materials 7 $6 per yard $7 Direct labor 7 ? Variable manufacturing overhead per direct labor- $3 hour Total standard cost per unit Cost 2 2 $? 2 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 Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed $ 16,800 $21,000 $4,200 Actual costs incurred $ 15,000 $3,600 Materials price variance ? Materials quantity variance $1,2000 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 production Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,500 $ 0.15 F 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 efficiency variance? 8. Prepare a standard cost card for one backpack Pok int rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required) Required 4 Required Required 6 Required 7 Required B What is the standard cost of a single backpack? Standard cost of a single backpack Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the actual cost per backpack produced during March? (Round your answers to 2 decimal places) Actus cost per backpack Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 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 (le, zero variance). Input all amounts as positive values.) Materials price variance 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? Standard direct labor rato per hour 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.) Labor rate varianco Labor efficiency variance 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 "Ffor favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead officiency variance Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Standard Hours Standard Price or Rate Cost Direct materials yards $ 6.00 per yard Direct labor hours per hour Variable manufacturing overhead hours $ [hour Total standard cost 3.00 per direct labor