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 Cost Standard Price or Rate $ Direct materials ? $ ? 6.00 per yard ? Direct labor Variable manufacturing overhead Total standard cost per unit ? ? ? ? $ 2 per direct labor-hour ? $ ? Overhead is applied to production on the basis of direct labor-hours. During March, 760 backpacks were manufactured and sold. Selected information relating to the month's production is given below: 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. Variable Materials Manufacturing Used Direct Labor Overhead $ 18, 240 $ 15,808 $ 2,432 $ 17,125 ? $ 4,345 ? $ 2,310 U ? ? ? ? ? ? The following additional information is available for March's production: 1,140 Actual direct labor-hours Difference between standard and actual cost per backpack produced during March $ 0.10 F Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the labor rate variance for March? The labor efficiency variance? (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 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 $ 6.00 per yard hours per hour Direct labor Variable manufacturing overhead Total standard cost hours $ 2.00 per direct labor-hour