Required information Use the following information for the Exercises below. (Algo) [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 0.5DLH per unit. The company reports the following for this period. Exercise 23-17 (Algo) Computing standard overhead rate and total overhead variance LO P4 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 27,125 DLH, computed as 54,250 units 0.5 DLH per unit. 2. Compute the standard overhead applied. 3. Compute the total overhead variance. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance