DUBAI Manufacturing has established the following master flexible budget: The company uses a standard cost system in which manufacturing overhead is applied to units of product based on machine-hours. At standard, each unit of product requires one machine-hour to complete. The denominator level of activity is 150,000 machine-hours, or 150,000 units. Actual data for the year were as follows: Required: a. What are the predetermined variable and fixed manufacturing overhead rates for the year? b. Compute the variable manufacturing overhead spending and efficiency variances for the year. c. Compute the fixed manufacturing overhead budget and volume variances for the year. d. Prepare the flexible budget. e. Explain and interpret these variances. DUBAI Manufacturing has established the following master flexible budget: The company uses a standard cost system in which manufacturing overhead is applied to units of product based on machine-hours. At standard, each unit of product requires one machine-hour to complete. The denominator level of activity is 150,000 machine-hours, or 150,000 units. Actual data for the year were as follows: Required: a. What are the predetermined variable and fixed manufacturing overhead rates for the year? b. Compute the variable manufacturing overhead spending and efficiency variances for the year. c. Compute the fixed manufacturing overhead budget and volume variances for the year. d. Prepare the flexible budget. e. Explain and interpret these variances