2. The following information pertains to the manufacturing operations of Payton Corporation: Budgeted fixed overhead $1,800 Actual fixed overhead costs $1,750 Denominator level in machine-hours 300 Budgeted machine-hours allowed for actual output produced 280 a. Compute the budgeted fixed overhead cost rate per machine-hour. b. Using the columnar solution format below, compute the fixed overhead spending and production-volume variances. Use F for favorable variances and U for unfavorable variances. Allocated: Budgeted Input Allowed for Actual Output x Budgeted Rate Same Budgeted Lump- Sum Regardless of Output Level Actual Costs Incurred $ Spending variance Production-volume variance