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: 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 variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: During the most recent month, the following activity was recorded: a. 25,500 millilitres of material was purchased at a cost of $0.20 per millilitre. b. All of the material was used to produce 3,000 bottles of Clean-All. c. 725 hours of direct labour time was recorded at a total labour cost of $8,700. Required: 1. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, " U " for unfavourable, and "None" for no effect (i.e., zero variance).) 2. Compute the direct labour rate and efficiency variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, " U " for unfavourable, and "None" for no effect (i.e., zero variance).) The following information is available for a recent period: a. The denominator activity of 6,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 6,000 standard machine-hours level of activity, the company should produce 2,000 units of product. c. The company's actual operating results were as follows: Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) 2. What were the standard hours allowed for the year's actual output? (Do not round intermediate calculations.) 3. Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances. (Do not round intermediate calculations. Round your answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)