Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $4.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,935,000 per year. The standard quantity of moterials is 4 pounds per unit and the standard cost 15$9.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13,30 per hour. The company planned to operate at a denominator activity level of 225,000 direct labor-hours and to produce 150,000 units of product during the most recent yeat. Actual activity and costs for the year were as follows: Required: 1. Compute the predetermined overhead rate for the yeat. Break the rate down into varlable and fixed elemonts. 2. Prepare a standard cost card for the company's product. 30. Compute the standard direct laborthours allowed for the yoar's production. 3b. Complete the following Manufacturing Overhead Taccount for the year. 4. Determine the reoson for any underapplied of overoppled overhead for the yoar by computing the variable overheod rate and efficiency variances and the fixed overhead budget and volume variances. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below