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 or Rate	Standard Cost
Direct materials	?	$5.10 per yard	$ ?
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, 720 backpacks were manufactured and sold. Selected information relating to the months production is given below:

	Materials Used	Direct Labor	Variable Manufacturing Overhead
Total standard cost allowed*	$14,688	$13,248	$2,304
Actual costs incurred	$12,218	?	$2,722
Materials price variance	?
Materials quantity variance	$ 510 U
Labor rate variance		?
Labor efficiency variance		?
Variable overhead rate variance			?
Variable overhead efficiency variance			?

*For the month's production.

The following additional information is available for Marchs production:

Actual direct labor-hours	1,260
Standard overhead rate per direct labor-hour	$2.00
Difference between standard and actual cost per backpack produced during March	$0.25	F
1. What is the standard cost of a single backpack? 2. What is the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the direct materials price variance for March? 5. What is the standard direct labor rate per hour? 6. What is the direct labor rate variance for March? The direct labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack.