Lane Company manufactures a single product that requires a great deal of hand lobor Overhead cost is applied on the basis of standard direct labor hours. The budgeted variable manufacturing overhead is $3.60 per direct lobor hour and the budgeted fored manufacturing overhead is $1140,000 per year The standard quantity of materials is 4 pounds per unit and the standard cost is $700 per pound The standard direct labor hours per unit is 15 hours and the standard labor rate is $12.80 per hour The company planned to operate at a denominator activity level of 150,000 direct labor hours and to produce 100.000 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 120,000 195,000 $ 429,000 $1,170, 680 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 bor hours allowed for the year's production 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances Answer is not complete. 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 any underapplied or overapplied overhead for the year by computing the variable overhead efficiency variances and the fixed overhead budget and volume variances. X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req Req 3B Reg 4 Complete the following Manufacturing Overhead T-account for the year. Standard costs X Manufacturing Overhead 429,000 X 1.170,000 $ 417 000 Actual costs X Applied costs Underapplied overhead X 2,016,000