Can you explain these problems with solutions? thank you :)

Lane Company manufactures a single product requiring a great deal of hand labor. Overhead cost is applied based on standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,140,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.80 per hour. The company planned to operate at a denominator activity level of 150,000 direct labor-hours and to produce 100,000 units during the most recent year. Actual activity and costs for the year were as follows: Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the compeny's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficlency variances and the fored overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Complete the following Manufacturing Overhead T-account for the year: Lane Company manufactures a single product requiring a great deal of hand labor. Overhead cost is applied based on standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,140,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.80 per hour. The company planned to operate at a denominator activity level of 150,000 direct labor-hours and to produce 100,000 units during the most recent year. Actual activity and costs for the year were as follows: Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours aliowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficlency variances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Note: Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (lie., zero variance). Input all amounts as positive values. Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, called Fludex, has the following standard cost per unit: During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 12,000 ounces at a cost of $198,000. b. There was no beginning inventory of materials; however, at the end of the month, 3,200 ounces of material remained in ending inventory. c. The company employs 20 lab technicians to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $12.00 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $4,800. e. During November, the company produced 3,600 units of Fludex. Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend the company sign the contract? 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 20 technicians employed in the production of Fludex consisted of 5 senior technicians and 15 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances. Complete this question by entering your answers in the tabs below. For direct materials, compute the price and quantity variances. Note: Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (li,e, zero variance), Input all amounts as positive values