7 10 Lane Company manufactures a single product that requires a great deal of handlabor Ovettiead cost is spilled on the basis of standard direct labor hours The budgeted variable manufacturing overhead is $5 20 per direct labor-hour and the budgeted led manufacturing overhead is $2,484.000 per year The standard quantity of materials is a pounds per unit and the standard cost is $11.00 per pound The standard direct laborehours per unit is 15 hours and the standard labor rate is 513 60 per hour The company planned to operate at a denominator activity level of 270,000 direct labor-hours and to produce 180.000 units of product during the most recent year. Actual activity and costs for the year were as follows Actual number of units produced Actual direct labor hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred 216,000 351.000 11,053,000 12,800.000 entrs Required: Compute the predetermined overhead tate for the year Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product 30. Compute the standard direct labor hours allowed for the year's production 36 Complete the following Manufacturing Overhead T-account for the year 4 Determine the reason for any underapplied or over applied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances Complete this question by entering your answers in the tabs below. Reg: Reg 2 Reg 3A Reg 30 Reg4 Compute the predetermined overhead rate for the year, Break the rate down into variable and forced elements. (Round your answers to 2 decimal places.) Predetermined overhead rate Variablette Foredrale per DLH por DLH per DLH Saw E