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print 6. Awad: 10.00 points Problem 10A-8 Applying Overhead; Overhead Variances [L010-3, LO10-4] 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-houns. The budgeted variable manufacturing overhead is $3.80 per direct labor-hour and the budgeted foxed manufacturing overhead is $1,287,000 per year The standard quantity of materials is 4 pounds per unit and the standard cost is $7.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.90 per hour The company planned to operate at a denominator acivity level of 1 for the year were as follows 65,000 direct labor-hours and to produce 110,000 units of product during the most recent year. Actual activity and coss Aciual number of units produced 132.000 214,500 493,350 1,320,000 Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fxed overhead cost incurred Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements 2 Prepare a standard cost card for the company's product 3a Compute the standard direct labor-hours allowed for the year's production 3b Complete the following Manufacturing Overhead T-account for the year 4. Determine the reason for the underapplied or overapplied overhead from (3) above by computing the vaniable overhead rate and efficiency varlances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4