Lane Company manufactures a single product that r applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $2.20 per standard direct labor-hour and fixed manufacturing overhead should be $279,000 per year The company's product requires 4 pounds of matenal that has a standard cost of $3.50 per pound and 1.5 hours of direct labor time that has a standard rate of $12.10 per hour The company planned to operate at a denominator activity level of 45,000 direct labor-hours and to produce 30,000 units of product during the most recent year. Actual activny and costs for the year were as follows 36,000 58,500 $87,750 321,750 Number of units produced Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred