Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below Quantit andard Price or Rate Cost $5.00 per yard Direct materials Direct labor per direct labor- Variable manufacturing overhead Total standard cost per unit $ 2 hour Overhead is applied to production on the basis of direct labor-hours. During March, 780 backpacks were manufactured and sold Selected information relating to the month's production is given below Varlable Materialts Manufacturing Used Direct Labor Overhead $2,496 $5,491 $13,104 s 15,600 s 13,112 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 $ 790 u For the month's production