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. zero variance).)