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 period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year $174,600 $170,600 Budgeted standard direct labour-hours 29,100 Actual direct labour-hours 30,600 Standard direct labour-hours allowed for the actual output 27,100 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance