Lane Company applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $3.40 per standard direct labor-hour and fixed manufacturing overhead should be $999,000 per year a single product that requires a great deal of hand labor. Overhead cost is The company's product requires 4 pounds of material that has a standard cost of S6.50 per pound and 1.5 hours of direct labor time that has a standard rate of S12.70 per hour The company planned to operate at a denominator activity level of 135,000 direct labor-hours and to produce 90,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Number of units produced Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred 108,000 175,500 368,550 $ 1,053,000 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. (Round your answers to 2 decimal places.) $ 10.80 per DLH $3.40 per DLH $7.40 per DLH rate Variable rate Fixed rate 2. Prepare a standard cost card for the company's product. (Round your answers to 2 decimal places.) Direct materials Direct labor Variable overhead Fixed overhead Standard cost per 4 poundsat$6.50per pound S 26.00 19.05 0.00 0.00 S 45.05 $ 12.70 per DLH per DLH per DLH 1.50 DLHs at DLHs at DLHs at unit 3a.Compute the standard direct labor-hours allowed for the year's production. 162,000 3b.Complete the following Manufacturing Overhead T-account for the year: Manufacturing Overhead Actual costs Applied costs Standard costs Applied costs 55,800 1,053,000 997,200 4. Compute the variable overhead rate and efficiency variances and the fixed overhead budget and for favorable, "U" for volume variances. (Indicate the effect of each variance by selecting "F unfavorable, and "None" for no effect (i.e., zero variance).) Variable overhead rate variance Variable overhead efficiency $ 45,900 U Fixed overhead budget variance Fixed overhead volume variance $ 81,000 226,800 F