Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below Direct materials Direct labor $6.88 per yard S ? per direct labor Variable manufacturing overhead Total standard cost per unit $ 2 hour S ? Overhead is applied to production on the basis of direct labor-hours. During March, 480 backpacks were manufactured and sold Selected information relating to the month's production is given below Vartable MaterialsDirectMonuFactur Labor 4,896 Used S 12,672 S 11,360 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 $1,152 1,024 968 U For the month's production. The following additional information is available for March's production: Actual direct labor-hours Dsfference between standard and actual cost per backpacke.5 produced during March Required Hint: it may be heloful to compiete a general modei dagram for direct materials, diect japor and varabie manufacturing overhead before attempting to answer any of the requirements 1. What is the standard cost of a single beckpack? 2. what was the actual cost peo&Ckpack produced durng March? 3. How many yards of material are required at standard per beckpack? 4 What was the materials price variance for March ifthe e were no beg nning or ending inventortes of materiais? 5 What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7 Whet was the variable overnead rate variance for March? The variable overhead eff ciency variance? 8 Prepare a standard cost card for one backpack