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Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs...

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Accounting

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Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Overhead is applied to production on the basis of direct labor-hours. During March, 525 backpacks were manufactured and sold. Selected information relating to the month's production is given below: *For the month's production. The following additional information is available for March's production: What is the standard direct labor rate per hour? 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)) 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)) Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.)

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