Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Overhead is applied to production on the basis of direct labor-hours During March, 525 backpacks were manufactured and sold. Selected information relating to the month s production is given below: *For the month's production. The following additional information is available for March's production: Required: What is the standard cost of a single backpack? What was the actual cost per backpack produced during March? (Round your answers to 2 decimal places.) How many yards of material are required at standard per backpack? What was the materials price variance for March if there were no beginning or ending inventories of materials? (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).) What is the standard direct labor rate per hour