(9 points - 3 each) Humphreys, Inc. manufactures widgets for distribution. The standard costs for the manufacture of widgets follow: Direct materials Standard Costs 3 lbs. per widget at $35 per pound Actual Costs 31,000 lbs, at $33 per pound Direct labor 2.5 hours per widget at $11 per hour 22,500 hours at $11.80 per hour Factory overhead Variable cost, $24/widget $241,500 variable cost Fixed cost, $40/widget $381,250 fixed cost Budgeted factory overhead was $640,000. Overhead applied is based on widgets produced. The company estimated that 10,000 widgets would be produced; however, only 9,600 were produced. Instructions Calculate the following amounts. 1 The budgeted (predetermined) factory overhead rate 2 Overhead volume variance 3 Overhead controllable variance