Problem 10-16 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct labor Direct materials Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours ? ? ? Standard Price or Rate Standard Cost $ 6.00 per yard $ ? ? ? $ 2 per direct labor-hour ? $ ? Overhead is applied to production on the basis of direct labor-hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used Variable Manufacturing Overhead 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 *For the month's production. Direct Labor $ 9,120 $ 5,040 $ 5,520 ? $ 960 $ 2,620 ? $ 1,920 U ? ? ? ? The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 600 $ 0.20 F