Highland Companyf produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or standard Hours Standard Price or Rate Coet Direct materials ? 6 it: per yard 5 ? Direct labor 2 ? 2 Variable manufacturing overhead ? $ 2 per direct labor-hour ? Total standard cost per unit 5 ? Overhead is applied to production on the basis of direct labor-hours During March. TE-O backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Manufacturing Used Direct Labor Overhead Total standard cost allowedi $ 18,240 $ 15,808 $ 2,432 Actual costs incurred $ 17,125 ? $ 4,345 Materials price variance ? Materials quantity variance 5 2.310 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 March's production: Actual direct labor-hours 1,140 Difference between standard and actual cost per backpack produced during March $ 0.10 P Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the standard cost of a single backpack? (Round your answer to 2 decimal places.) Standard cost of a single backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the actual cost per backpack produced during March? (Round your answer to 2 decimal places.) Actual cost per backpack Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 How many yards of material are required at standard per backpack? (Round your answer to 1 decimal place.) Number of yards per backpack