Lane Company manufactures a single product that requires a great deal of hand labor. Overheod cost is appled on the basis of standard direct labor hours. The budgeted variable manufacturing overhead is $2.20 per direct labor hour and the budgeted fired manufoctuming overthead is $279.000 per yent. The standard quantity of materials is 4 pounds per unit and the standard cost is $3.50 per pound. The standard direat labor-hours per The is 1.5 hours and the standand labor rate is $12.10 per hour The company plamed to operate at a denominator nctivity level of 45.000 direct labor hours and to produce 30,000 units of product during the most recent yeat. Actual activity and costs for the year were as follows: Required: 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor haurs allowed for the year's production. 3b. Complote the following Manctacturing Overhead T-account for the year. 4. Determine the reason for ary underapplied or ovecapplied overthend for the year by computing the variable overhesd rate and e. Deticiency variances and the foxed oveshesd budget and volume variances. Complete this question by eatering your antwers in the tabs below. Compinte the following Manufacturing overhead T-account for ti h vear. Lane company marturectured a single product that requlies a great doal of hand laboc Ovemead cont is agpled on the basis of encidtrchiring orertietd is 5209000 per yed unt is 15 bours and the stictard laoor rate is 512.39 per hout. The conpany planned to operate at a denonihatod Activty level of 45.000 drect laber hours and to onoduce 30,000 units of probuct. Requred: 2. Prepere a alandard cost card for the cornany s product Jo Conplete the followiog Martufocturing Cverhead Toccount for the your. 4. Besermine the feason for dery ulderappled or overappled overthead for the year by compuring the varable ovemead tme and effciency vartarises and the fued ovechesd budget and volume voriancet. Complete this auestian by entering your ansiens in the labs beiow