Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.)

	Standard Quantity or Hours	Standard Price or Rate	Standard Cost
Direct materials	yards	5.60 per yard	$
Direct labor	hours	$ per hour
Variable manufacturing overhead	hours	2.00 per hour
Total standard cost			$

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 or Rate Cost Direct materials $5.60 per yard Direct labor Variable manufacturing overhead $2 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Manufacturing Materials Used Direct Labor Overhead $22,400 Total standard cost allowed $11,500 $2,000 Actual costs incurred $18,952 $184 Materials price variance 672 U Materials quantity variance 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 1,420 Standard overhead rate per direct labor-hour $2.00 Difference between standard and actual cost per backpack produced during March $0.15 F