Nancy Pelosi, LLC produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct materials Direct labor Standard Quantity or Hours 2 2 Standard Price or Rate $5.00 per yard ? per direct $ 2 labor-hour Standard cost $? ? Variable manufacturing overhead Total standard cost per unit 2 $2 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 Materials Direct Manufacturing Used Labor Overhead Total standard cost allowed $ 9,460 56. 468 $1, 232 Actual costs incurred $ 8.272 $1,738 Materials price variance Materials quantity variance S BBB U) Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance Variable overhead efficiency variance *For the month's production. The following additional information is available for March's production: 660 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.20 F Required: Hint It may be helpful to complete a general model diagram for direct materials, direct labor, and variable ma 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 material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materia 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The 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 ering your answers in Required 1 Required 2 Required 3 Required 4 F What is the standard cost of a single backpack? (Round you Standard cost of a single backpack Required 1 Required 2 Required 3 Required 4 Required What was the actual cost per backpack produced during March? (Ro Actual cost per backpack Required 1 Required 2. Required 3 Required What was the materials price variance for March if th intermediate calculations. Indicate the effect of each for no effect (i.e., zero variance). Input all amounts a Materials price variance F Required 1 Required 2 Required 3 Required 4 What is the standard direct labor rate per hour? (Round Standard direct labor rate per hour