Mustang Company utilizes a standard costing system and uses direct labor hours as its cost driver with respect to factory overhead. The standard cost card for the company's only product is as follows: Standard Quantity Standard Price or Standard Cost $16,00 30.00 Innuts Direct materials 2.0 pounds $8.00 per pound hours $20.00 per hour hours $1.00 pet hour Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit 1.5 1.5 1.50 1.5 hours $5.00 per hour 55.00 Data concerning the most recent year is as follows Panning budget-units of product to be produced Planning budget-direct labor hours (denominator level of activity) 3,000 $3,000 15, Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Actual number of units produced Actual direct labor hours Actual varlable overhead cost for the year Actual fixed overhead cost for the year 050 $2.800 4,800