Clocks Gone Wild makes clocks. the budgeted annual fixed overhead costs for 2017 total $720,000. Assume the fixed cost is spread evenly throughout the year. The company uses direct labor-hours for fixed overhead allocation and anticipates 240,000 hours during the year for 480,000 units. An equal number of units are budgeted for each month. During June, 43,000 clocks were produced and $63,000 was spent on fixed overhead. Base this information answer the following questions:

1.) Determine the fixed overhead rate for the driver for 2017.

2.) Determine the amount of time required to complete one clock.

3.) Determine the standard fixed cost for one unit of output.

4.) Identify the respective fixed manufacturing overhead variances, compute the variances, determine if its favorable or unfavorable, and explain why it is favorable or unfavorable for June 2017.

5.) Prepare the journal entry to capture the fixed manufacturing overhead variances for June 2017.