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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 Standard Price Standard or Hours Cost or Rate $5.00 per yard Direct materials Direct labor Variabl le manufacturing overhead $2 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 440 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Materials Used Direct Labor $6,468 S9,460 S8,048 $1,232 $1,641 Total standard cost allowed Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $600 U For the month's production. The following additional information is available for March's production Actual direct labor-hours Standard overhead rate per direct labor-hour Difference between standard and actual cost per backpack produced during 690 $2.00 $0.20 F March Required 1. What is the standard cost of a single backpack? Standard cost for March production Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack