17 Norwall Company's budgeted variable manufacturing overhead cost is $3.00 per machine hour and its budgeted fixed manufacturing overhead is $300,000 per month 0.72 points The following information is available for a recent month: a The denominator activity of 60,000 machine hours is used to compute the predetermined overhead rate. b. At a denominator activity of 60,000 machine hours, the company should produce 40,000 units of product c. The company's actual operating results were: Number of units produced Actual machine-hours Actual variable manufacturing overhead cost Actual fixed manufacturing overhead cost 42.000 64.00 $ 302,469 References Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements 2. Compute the standard hours allowed for the actual production 3. Compute the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances (Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effectie, zero variance). Input all amounts as positive values.) 1. Predetermined overhead rate per MH per MH Variable element Fbred element 2. Standard hours allowed for the actual production per MH 3 Variable overhead rata variance Variable overhead efficiency varian Fixed overhead budget variance Fixed overhead volume