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 Rato Cost Direct materials 2 $500 per yard $? Direct labor 2 ? Variable manufacturing overhead 2 $2 per direct 2 labor hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March 700 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 $ 6000 Labor rate variance 2 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 2 2 2 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,400 SO 10 F Required: 7 What was the variable overhead rate variance for March? The variable overhead efficiency vanance? (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) Variable overhead rate variance Variable overhead efficiency variance 8. Prepare a standard cost card for one backpack (Round your answers to 2 decimal places.) Standard Price or Rate Standard Cost 5.00 Per yard Standard Quantity or Hours Direct materials yards Direct labor hours Varinbio manufacturing overhead hours Total standard cost per hour $ 200 per direct labor hour