Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $4.20 per standard direct labor-hour and fixed manufacturing overhead should be $1, 599,000 per year. The company's product requires 4 pounds of material that has a standard cost of $8.50 per pound and 15 hours of direct labor time that has a standard rate of $13.10 per hour. The company planned to operate at a denominator activity level of 195,000 direct and produce 130,000 units of product during the most recent year Actual activity and costs for the year were as follows: Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. Prepare a standard cost card for the company's product