QUESTION 3 (20 marks) Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:+ Standard Standard Quantity or Price or ~ Standard Hours Rate Cost Direct materials t. $6.00 per yard Direct labor Variable manufacturing overhead + $2 per direct labor hour Total standard cost per unit 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: Variables Materials Direct Manufacturing Used Labor- Overhead Total standard cost allowed* $9,120