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:

Happy 1|ul'alley 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 xed overhead cost for the year $59,461} Acmal xed overhead cost for the year $65,851:) Budgeted standard direct labour-hours 15,1[1'21 Acmal direct labour-hours 1s.sco Standard direct labour-hours allowed for the actual output 13,6013: Required: 1. Compute the xed portion of the predetermined overhead rate for the year. [Round your answer to 2 decimal places.) 2. Compute the xed overhead budget and volume variances. [Indicate the effect of each variance by selecting I'F"' for favourableI \"Li" for unfavourable, and "None" for no effect {i.e.. zero variance].'_l F.........~.......d..t -- variance Fixed overhead volume - variance