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 Standard Price Standard or Hours or Rate Cosi Direct materials 2 $5.00 per yard $2 Direct labor 2 7 Variable manufacturing overhead 2 $2 per direct 2 labor hour Total standard cost $ 32 Overhead is applied to production on the basis of direct labor-hours. During March 790 backpacks were manufactured and sold Selected information relating to the month's production is given below Variable Manufacturing Materials Used Direct Labor Overhead Total standard cost allowed $15,800 $13,272 $2,528 Actual costs incurred $13,120 $3,421 Materials price variance Materials quantity variance $ 600 U Labor rate variance Labor 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 ? 2 ?? Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 1,400 $0.10 F Required: 1. What is the standard cost of a single backpack? Difference between standard and actual cost per backpack produced during March 1,400 $0.10 F Required: 1. What is the standard cost of a single backpack? Standard cost for March production Materials Direct labor Variable manufacturing overhead Total standard cost Number of backpacks produced Standard cost of a single backpack 2. What was the actual cost per backpack produced during March? (Round your answers to 2 decimal places.) Standard cost of a single backpack Deduct difference between standard and actual cost Actual cost per backpack