Wakky Company produces widgets. In the table below, the company has begun the calculation of the standard cost to make one widget Using the standard manufacturing overhead data provided, complete the table below to show the total manufacturing cost of one widget The standards are to be computed based upon normal annual production of 60,000 widgets for the year, with factory overhead applied based on direct labor hours. At the beginning of the year, management made the following estimates related to overhead: For Normal Capacity (estimated at the beginning of the year for a production level of 60,000 widgets) Estimated annual variable overhead costs Estimated annual fixed overhead costs $607,500 $337,500 $945,000 Total estimated annual overhead costs Total estimated annual direct labor hours (DLH) at 100% of normal capacity (60,000 widgets,- 90,000 Total DLHs per DLH Variable factory overhead rate per direct labor hour Fixed factory overhead rate per direct labor hour Predetermined factory overhead rate per DLH per DLH per DLH 1. Complete the Standard Cost Report: Wakky Company Standard Cost Report Product manufactured - Widgets | Unit of Products One Widget Standard Manufacturing Cost Element Standard Quantity Direct materials 3 pounds 1.5 DLHs tandard Price Cost $6.00 per pound $15.00 per DLH Direct labor Factory overhead applied 1.5 DLHs Variable FOH Fixed FOH per DLH -per DLH Calculated standard cost to manufacture 1 widget 2. Calculate the standard costs allowed for the actual output level of widgets: Standard price @ 70,000 widgets Total Direct materials cost Direct labor cost Factory overhead applied per lb per DLH PFOH Rate total Ibs allowed total DLH allowed total DLH allowed Standard cost allowed for actual output level Actual Production The actual cost and amounts of input to make the actual output of 70,000 widgets for the year ended December 31, 201X was Total Direct materials:208,000 Direct labor: Factory Overhead (FOH): bs $6.20 per pound 11,000 DLH $14.00 per DLH Total variable FOH costs Total fixed FOH costs $695,000 $340,000 Total actual FOH costs for 201X Actual cost for actual output level 3. Calculate the total manufacturing cost variance