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 2 $5.00 per yard $? Direct labor ? 2 2 Variable manufacturing overhead ? $2 per direct 2 labor hour Total standard cost $2 Overhead is applied to production on the basis of direct labor-hours During March 790 backpacks were manufactured and sold Selected information relating to the month's production is given below Variable Manufacturing Materials Used Direct Labor Overhead Total standard cost allowed $15 800 $13,272 $2,528 Actual costs incurred $13, 120 $3,421 Materials price variance Materials quantity variance $ 600 U Labor rate variance Labor efficiency variance ? 2 Variable overhead rate variance Variable overhead efficiency variance ? ? 2 "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 1,400 $0.10 F 3. How many yards of material are required at standard per backpack? Total standard cost of materials allowed during March Number of backpacks produced during March Standard materials cost per backpack Standard materials cost per yard Number of yards per backpack 4. What was the materals price variance for March if there were no beginning or ending inventories of materials? (Input all amounts as positive values. 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).) Materials price variance Materials quantity variance Spending variance