Happy Valley Pet Products uses a standard costing system that applles 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: Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) 2. Compute the fixed overhead budget and volume varlances. (Indicate the effect of each varlance by selecting "F" for favourab "U" for unfavourable, and "None" for no effect (l.e., zero varlance).)