Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour$-$hours

allowed for actual output of the perlod. During the recent year, the following data were collected:

Requirect:

Compute the fixed portion of the predetermined overhead rate for the year. $($Round your answer to $2$ declmal places.$)$

Compute the fixed overhead budget and volume varlances. $($Indicate the effect of each varlance by selecting $"$F$"$ for favourable,

$"$U$"$ for unfavourable, and "None" for no effect $($l$.$e$.,$ zero varlance$).)$