Problem 11A-8 Applying overhead; Overhead Variances CL011-3, L011-4] 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. Variable manufacturing overhead should be $2.60 per standard direct labor-hour and fixed manufacturing overhead should be $495,000 per year. The company's product requires 4 pounds of material that has a standard cost of$4.50 per pound and 1.5 hours of direct labor time that has a standard rate of $12.30 per hour. The company planned to operate at a denominator activity level of 75,000 direct labor-hours and to produce 50,000 units of product during the most recent year. Actua activity and costs for the were as follows: 60,000 Number of units produced 97,500 Actual direct labor-hours worked $165,750 Actual variable manufacturing overhead cost incurred $536,250 Actual fixed manufacturing overhead cost incurred Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. (Round your answers to 2 decimal plac Predetermined overhead 3.40 per DLH rate Variable rate per DLH per DLH Fixed rate