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 Standard or Rate 56 per yard Cost $7 Direct materials Direct labor Variable manufacturing overhead $3 per direct labor hour Total standard cost $7 Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold Selected information relating to the month's production is given below Manufacturing Materials Used Direct Labor Overhead $10,500 Total standard cost allowed Actual costs incurred $16,800 $15,000 $4,200 $3,600 Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $1.200U For the month's production The following additional information is available for March's production Actual direct labor-hours 1500 Difference between standard and actual cost per backpack produced during March 3. How many yards of material are required at standard per backpack? 3 Answer is not complete. Total standard cost of materials allowed during March Number of backpacks produced during March Standard materials cost per backpack Standard materials cost per yard Number of yards per backpack 4 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.) 3 Answer is not complete. Materials price variance Materals quantty vanance Spending vanance