Highland Company produces a lightweight backpack that is popular with ollege students. Standard variable costs relating to a single backpack are given below Standard Quantit or Hours Standard Price or Rate Standard Cost $ 7 $6.00 per yard Direct materials Direct labor per direct Variable manufacturing overhead Total standard cost per unit Overhead is applied to production on the basis of direct labor-hours. During March, 680 backpacks were manufactured and sold. Selected information relating to the month's production is given below Variable Direct Manufacturin Labor Materials overhead $2,176 $3,802 Used 6,.320 $13,600 15,425 Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance 2,190 U For the month's production