Highland Company produces a lightweight backpack that is popular with college students. Sta variable costs relating to a single backpack are given below: Standard Qantity Standard Price Standard or Hours or Rate $5.60 per yard Cost Direct materials Direct labor Variable manufacturing overhead $2 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 back were manufactured and sold. Selected information relating to the month's production is given below: Materials Used $22,400 $18,952 Variable Manufacturing Overhead $2,000 $184 Direct Labor $11,500 Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variabl $ 672 U le overhead efficiency variance For the month's production. The following additional information is available for March's production Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,420 $0.15F What was the materials price variance for March if there were no beginning or ending inventories of materials? (Input all amounts as positive values. 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).) Materials price variance Materials quantity variance Spending variance What is the standard direct labor rate per hour? Standard variable manufacturing overhead cost for March Standard variable manufacturing overhead rate per direct labor- hour Standard direct labor-hours for March Standard direct labor cost for March Standard direct labor rate per hour What was the labor rate variance for March? The labor efficiency variance? (Do not round your 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)) Labor rate variance Labor efficiency variance What was the variable overhead rate variance for March? The variable overhead efficiency variance? (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)) Variable overhead rate variance Variable overhead efficiency variance Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Cost Standard Price or Rate yards hours S 5.60 per yard Direct materials Direct labor Variable manufacturing overhead Total standard cost per hour S 2.00 per direct labor-hour