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 Cost Direct materials $4.50 per yard $? Direct labor per direct Variable manufacturing overhead $ 2 labor-hour Total standard cost per unit $? 2 ? ? 7 7 ? Sk Used ances Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing Labor Overhead Total standard cost allowed $ 9,540 $5,936 $1,484 Actual costs incurred $ 8,645 $1,690 Materials price variance 2 Materials quantity variance $ 1,575 U 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 795 $ 0.20 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Requled 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 (.e., zero variance). Input all amounts as positive values.) Materials prloo variance