Wymont Company produces a single product that requires a large amount of labor time. Overhead cost is applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $6 per standard direct labor-hour and fixed manufacturing overhead should be $241,500 per year. The companys product requires 6 feet of direct material that has a standard cost of $7.0 per foot. The product requires 1.5 hours of direct labor time. The standard labor rate is $19 per hour. During the year, the company had planned to operate at a denominator activity level of 34,500 direct labor-hours and to produce 23,000 units of product. Actual activity and costs for the year were as follows: Number of units produced 25,000 Actual direct labor-hours worked 36,500 Actual variable manufacturing overhead cost incurred $ 65,500 Actual fixed manufacturing overhead cost incurred $ 399,000 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed components. Predetermined overhead rate $ per DLH Variable element $ per DLH Fixed element $ per DLH 2. Complete the standard cost card for the companys product; show the details for all manufacturing costs on your standard cost card. (Round your answers to 2 decimal places.) Direct materials, feet at $ per foot $ Direct labor, DLHs at $ per DLH Variable overhead, DLHs at $ per DLH Fixed overhead, DLHs at $ per DLH Standard cost per unit $ 3a. Compute the standard direct labor-hours allowed for the years production. Standard direct labor hours DLHs 3b. Complete the following Manufacturing Overhead T-account for the year (Input all amounts as positive values.): Manufacturing Overhead 4. Determine the reason for the underapplied or overapplied overhead from (3) above by computing the variable overhead efficiency and rate variances and the fixed overhead budget and volume variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable overhead efficiency variance $ Variable overhead rate variance $ Fixed overhead budget variance $ Fixed overhead volume variance $