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 manufacturing manufacturing overhead is $384,000 per year. e budgeted variable manufacturing overhead is $2.40 per direct labor-hour and the budgeted fixed The standard quantity of materials is 4 pounds per unit and the standard cost is $4.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.20 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: 48,000 78,000 Actual number of units produced Actual direct labor-hours worked Actual variable nanufacturing overhead cost incurred 124,800 nctual fixed manufacturing overhead cost incurred s429,000 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year 4. Determine the reason for the underapplied or overapplied overhead from (3) above by computing the variable overhead rate a efficiency variances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 38 Req 4 Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. (Round your answers to 2 decimal places.) Predetermined overhead rate Variable rate Fixed rate per DLH per DLH per DLH