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Complete the following Manufacturing Overhead T-account for the year. Problem 10A-8 (Algo) Applying Overhead; Overhead Variances [LO10-3, LO10-4] Lane Company manufactures a single product requiring a great deal of hand labor. Overhead cost is applied based on standard direct labor-hours. The budgeted variable manufacturing overhead is $6.00 per direct labor-hour and the budgeted fixed manufacturing overhead is $3,300,000 per year. The standard quantity of materlals is 4 pounds per unit and the standard cost is $13.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $14.00 per hour. The company planned to operate at a denominator activity level of 330,000 direct labor-hours and to produce 220,000 units during the most recent year. Actual activity and costs for the year were as follows: Requlred: 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 varlable overhead rate and efficiency varlances and the fixed overhead budget and volume varlances. Complete this question by entering your answers in the tabs below. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. Note: Round your answers to 2 decimal places. Prepare a standard cost card for the company's product. Note: Round your answers to 2 decimal places. 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 variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Compute the standard direct labor-hours allowed for the year's production

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