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. The budgeted variable manufacturing overhead is $2 per direct labor-hour and the budgeted fixed manufacturing overhead is $480,000 per year. The standard quantity of materials is 3 pounds per unit and the standard cost is $7 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12 per hour. The company planned to operate at a denominator activity level of 60,000 direct labor-hours and to produce 40,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred 42,000 65,000 $ 123,500 $ 483,000 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 Complete the following Manufacturing Overhead T-account for the year. Manufacturing Overhead Actual costs 123,500 Standard costs 483,000 650,000 Applied costs 0 43,500 Overapplied overhead Actual costs Applied costs Standard costs Please could show me how to get the wright answer. Thank you