2: Salado Company has a standard cost system in which it applies overhead to products based on the standard direct labour-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 Budgeted standard direct labour-hours (denominator level of activity) 50,000 Hours Actual direct labour-hours Hours 49,000 Standard direct labour-hours allowed for the actual output 48,000 Hours Actual fixed overhead cost for the year $295,500 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. 2. Compute the fixed overhead budget and volume variances