Highland Company produces a lightwelght backpack popular with college students. Standard varlable costs relating to a single backpack are glven below. Overhead Is applied to production based on direct labor-hours. Durlng March, 600 backpacks were manufactured and sold. Selected Information relating to the month's production is glven below. "For the month's production. The following additional Information is avallable for March's production: Required: HInt: It may be helpful to complete a general model dlagram for direct materlals, direct labor, and varlable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of materlal are required at standard per backpack? 4. What was the materlals price varlance for March If there were no beginning or ending Inventorles of materlals? 5. What is the standard direct labor rate per hour? 6. What was the labor rate varlance for March? The labor efficlency varlance? 7. What was the varlable overhead rate varlance for March? The varlable overhead efficlency varlance? 8. Prepare a standard cost card for one backpack