Required information [The following information applies to the questions displayed below.] Sedona Company set the following standard costs for one unit of its product for 2017 Direct material (20 Ibs. * $2.50 per Ib.) Direct labor (10 hrs. $22.00 per hr.) Factory variable overhead (10 hrs. 8 $4.00 per hr.) Factory fixed overhead (10 hrs. $1.60 per hr.) Standard cost $ 50.00 220.00 40.00 16.00 $326.00 The $5.60 ($4.00 + $1.60) total overhead rate per direct labor hour is based on an expected operating level equal to 75% of the factory's capacity of 50,000 units per month. The following monthly flexible budget information is also available rating Levels (% of capacit 75% Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) 70% 35,000 80% 37,500 375,000 40,000 400,000 350,000 Variable overhead Fixed overhead Total overhead $1,400,000 $1,500,000 $1,600,000 600,000 600,000600,000 $2,000,000 $2,100,000 $2,200,000 During the current month, the company operated at 70% of capacity, employees worked 340,000 hours, and the following actual overhead costs were incurred Variable overhead costs Fixed overhead costs Total overhead costs $1,375,000 628,600 $2,003,600