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 Standard Price Or Rate $4.50 per yard Standard Cost Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit $ 2 per direct labor-hour 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: Materials Used $ 9,540 $ 8.645 Direct Labor $5,936 Variable Manufacturing Overhead $1,484 $1,690 Total standard cost allowed retual costs incurred Materials price variance Materials quantity Variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead officiency variance $ 1,575 U "For the month's production. The following additional information is available for March's production: The following additional information is available for March's production: 795 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 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. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) 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 inve 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 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack 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 enc 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 el 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 What was the actual cost per backpack produced during March? (Round your answer to 2 Actual cost per backpack 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 be 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency va 7. What was the variable overhead rate variance for March? The variab 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs bel Required 1 Required 2 Required 3 Required 4 Required 5 How many yards of material are required at standard per backpack? (Rou Number of yards per backpack PIUDiens 1 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced durin 3. How many yards of material are required at standard pe 4. What was the materials price variance for March if there 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labore 7. What was the variable overhead rate variance for March 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in t Required 1 Required 2 Required 3 Required 4 Re What is the standard direct labor rate per hour? (Round your Standard direct labor rate per hour 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. Complete this question by entering your answers in the tabs below. 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 "F" for favorable, "U" for unfavorable, and for no effect (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Required 6 Required 8 > 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 materia 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Standard Price or Rate Standard Hours Cost Direct materials yards 4.50 per yard Direct labor hours per hour Variable manufacturing overhead hours $ 2.00 per direct labor-hour Total standard cost