Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output Fixed overhead budget variance $276,000 60,000 56,000 58,000 $ 24,000 F How much fixed overhead cost was applied to production? Multiple Choice $290,000 Multiple Choice O $290,000 O $280,000 $243,600 O $256,600