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Problem 10A-12 Selection of a Denominator, Overhead Analysis; Standard Cost Card (LO10-3, LO10-4] Morton Company's budgeted variable manufacturing overhead is $2.00 per direct labor-hour and its budgeted fixed manufacturing overhead is $340,000 per year. The company manufactures a single product whose standard direct labor-hours per unit is 3.5 hours. The standard direct labor wage rate is $10 per hour. The standards also allow 5 feet of raw material per unit at a standard cost of $5 per foot Although normal activity is 68,000 direct labor-hours each year, the company expects to operate at a 50,000 hour level of activity this year. Required: 1. Assume that the company chooses 50,000 direct labor-hours as the denominator level of activity. Compute the predetermined overhead rate, breaking it down into variable and fixed cost elements. 2. Assume that the company chooses 68,000 direct labor-hours as the denominator level of activity. Compute the predetermined overhead rate, breaking it down into variable and fixed cost elements. 3. Complete two standard cost cards for 50,000 & 68,000 DLHs. 4. Assume that the company actually produces 17,000 units and works 60,000 direct labor hours during the year. Actual manufacturing overhead costs for the year are: Variable manufacturing overhead cost Pixed manufacturing overhead cost Total manufacturing overhead cost $ 129,700 343, 300 $473.000 a. Compute the standard direct labor-hours allowed for this year's production b. Complete the Manufacturing Overhead T-account below. Assume that the company uses 50,000 direct labor-hours (normal activity) as the denominator activity figure in computing predetermined overhead rates, as you have done in (1) above. c. Assume that the company uses 50,000 direct labor-hours (normal activity) as the denominator activity figure in computing predetermined overhead rates, as you have done in requirement (1)