Halves Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 88,000 units per year. Budgeted and actual results for the most recent year follow: Fixed manufacturing overhead Number of units produced Budgeted Actual $ 633,600 $620,000 78,000) 83,000 Required: 1. Calculate the fixed overhead rate based on practical capacity for HMC. (Round your answer to 2 decimal place.) Fixed Overhead Rate per unit 2. Calculate the fixed overhead spending variance for HMC. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Fixed Overhead Spending Variance. 3. Calculate the expected (planned) capacity variance for HMC. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable. Round Fixed overhead rate to 2 decimal places.) Expected (Planned) Capacity Variance