What is the answer to Chapter 8 Analytical Thinking on pg. 396 of Introduction to Managerial Accounting 7th Edition (ISBN: 9780078025792)?

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ANALYTICAL THINKING 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 Standar or Hours or Rate $6 per yard Direct materials Direct labor Variable manufacturing overhead. $3 per direct labor-hour Total standard cost Overhead is applied to production on the basis of direct labor-hours. During March, 1,000 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Variable Materials Direct Manufacturing used Labor Overhead $16,800 $10,500 $4,200 Total standard cost allowed' $15,000 $3,600 Actual costs incurred Materials price variance $1,200 U Materials quantity variance. Labor rate variance. Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance "For the months production. The following additional information is available for March's production 1,500 Actual direct labor hours Difference between standard and actual cost $0.15 F per backpack produced during March. Required: 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack