Lane Companny manufacturees a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour...

Round to two decimal places please

Extracted text: Lane Companny manufacturees a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $1140,000 per year The standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.80 per hour. The company planned to operate at a denominator activity level of 150.000 direct labor-hours and to produce 100,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual uber of units produced Actual direct labor-hours worked Actual variable nanufacturing overhead cost incurred Actual fixed anufacturing overhead cost incurred 120,000 195,000 $ 429, e00 $1,170,000 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into varlable 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 any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume varlances. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 35 Reg 4