Problem 10-16 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 Standard Quantity or Hours Standard Price or Rate Standard Direct materials Direct labor sa.ee per yard s ? per direct labor- hour Variable manufacturing overhead Total standard cost per unit Overhead is applied to production on the basis of direct labor-hours. During March, 600 backpacks were manufactured and sold. Selected Information relating to the month's production is given below Variable Materials Direct HManufacturing UsedLaboroverhead $1,800 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 15, 368 9 13:965,985 ?? 'For the month's production. The following additional information is avallable for March's production: Actual direct labor houns Difference betueen standard and actual cost per backpack 9ee $8.20 F produced during March Required Hint it may be helpful to compiete a general model dlagram for direct materiais, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements 1 What is the standard cost of a single backpack? What was the actual cost per backpackp 3. How many yards of matertal are required at standard per backpack? What was the materials price varlance for March if there were no beginning or ending Inventories of materials? What is the standard direct labor rate per hour? What was the labor rate varlance for March? The labor efficlency varlance? 7 What was the varable overhead rate variance for March? The variable overhead effictency varlance? epare a standard cost card for one backpack