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 $ 276,000 Budgeted direct labor-hours 60,000 Actual direct labor-hours 56,000 Standard direct labor-hours allowed for the actual output 58,000 Fixed overhead budget variance $ 24,000 F How much fixed overhead cost was applied to production