Acme Company uses a standard cost accounting system and appl…

Acme Company uses a standard cost accounting system and applies manufacturing overhead costs to inventory based on machine hours. Budgeted fixed manufacturing overhead costs are $496,000 per year and budgeted machine hours are 62,000 per year. During the current year, actual machine hours are 60,500, the total variance for fixed manufacturing overhead costs is $3,100 unfavorable, and the fixed manufacturing overhead budget variance is $1,700 favorable. For purposes of computing these variances, what are the standard hour allowed for actual production?