Blue Company has developed the following standard costs for its product for the current year: BLUE COMPANY Standard Cost Card Product A Cost Element . . . . . . . . . .Standard Quantity. . . X Standard Price . . . = Standard Cost Direct Materials. . . . . . . . . 4 lbs . . . . . . . . . . . . .$3 . . . . . . . . . . . . . . .$12 Direct Labor. . . . . . . . . . . . 3 hrs . . . . . . . . . . . . $8. . .. . . . . . . . . . . . $24 Manufacturing Overhead. . 3 hrs . . . . . . . . . . . . $4. . . . . . . . . . . . . . . $12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $48 The company expected to produce 26,000 units of Product A in the current year and work 78,000 direct labor hours. Actual results for the current year are as follows