Highland Company produces a lightwelght backpack that is popular with college students. Standard varlable costs relating to a single backpack are glven below: Overhead is applied to production on the basis of direct labor-hours. During March, 420 backpacks were manufactured and sold. Selected information relating to the month's production is given below: The following additional Information is avallable for March's production: Required: (Hint: It may be helpful to complete a general model diagram for direct materlals, direct labor, and varlable manufacturing overhea 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 inventones 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. Complete this question by entering your answers in the tabs below. 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). Input all amounts as positive values.)