Required information Skip to question [The following information applies to the questions displayed below.] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Flexible Budget at 80% Capacity Actual Results Production (in units) 52,250 47,600 Overhead Variable overhead $ 287,375 Fixed overhead 52,250 Total overhead $ 339,625 $ 334,700 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 26,125 DLH, computed as 52,250 units 0.5 DLH per unit. 2. Compute the standard overhead applied. 3. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)