[The following information applies to the questions displayed below.] Sedona Company set the following standard costs for one unit of its product for this year. Direct material (20 Ibs. @ $2.50 per Ib.) Direct labor (10 hrs. @ $22.00 per hr.) Variable overhead (10 hrs. @ $4.00 per hr.) Fixed overhead (10 hrs. @ $1.60 per hr.) Total 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. Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead Total overhead Operating Levels (% of capacity) 70% 35,000 350,000 75% 37,500 375,000 80% 40,000 400,000 $1,400,000 600,000 $2,000,000 $1,500,000 600,000 $2,100,000 $1,600,000 600,000 $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.