03 (10 Points) Glade Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year $ 300,000 Actual fixed overhead cost for the year. $ 254,000 Budgeted standard direct labor-hours (denominator level of activity) Actual direct labor-hours...... 30000 27000 Standard direct labor-hours allowed for the actual output. 26000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. 2. Compute the fixed overhead budget variance and volume variance. 3. Explain possible reasons for both budget and volume variance