Problem 10-16 Comprehensive Variance Analysis [LO10-1, L010-2, LO10-3] Highland Company produces a lightweight backpack that is popular with college students. Standard varlable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate Standard Direct materials Direct labor $6.00 per yard per direct $ 2 labor-hour Variable manufacturing overhead Total standard cost per unit Overhead is applied to production on the basis of direct labor-hours. During March, 480 backpacks were manufactured and sold Selected information relating to the month's production is given below: Variable Materials Used 12, 672 $11, 360 Direct anufacturing Labor $4,896 Overhead $1,152 $1,024 Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance $ 960 U 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 Difference between standard and actual cost per 720 0.15F backpack produced during March Required Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and varlable manufacturing overhead 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 varlance for March If there were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate varlance for March? The labor efficiency varlance? 7. What was the varlable overhead rate variance for March? The varlable overhead efficiency varlance? 8. Prepare a standard cost card for one backpack