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X Answer is complete but not entirely correct. 1. Fixed overhead application rate 4.70 Variable overhead application rate 3.00 Total factory overhead application rate 7.70 2. Total flexible budget for overhead cost 628,060 V 3 Production volume variance 24,440 x Favorable 4. Total overhead spending variance 8,940 X Unfavorable 5 Overhead efficiency variance 18,894 X Favorable X 6. Variable overhead spending variance 4,600 Favorable Fixed overhead spending variance 10,000 UnfavorableWalkenhorst Company's machining department prepared its 2019 budget based on the following data: Practical capacity 40,000 units Standard machine hours per unit 2 Standard variable factory overhead $3.00 per machine hour Budgeted fixed factory overhead $376, 000 The department uses machine hours to apply factory overhead to production. In 2019, the department used 85,200 machine hours and incurred $637,000 in total manufacturing overhead cost to manufacture 42,010 units. Actual fixed overhead cost for the year was $386,000. Required: Determine for the year: 1. The fixed, variable, and total factory overhead application rates (per machine hour). (Round your answers to 2 decimal places.) 2. The total flexible budget, for factory overhead cost based on output achieved in 2019. 3. The production volume variance. State whether this variance was favorable (F) or unfavorable (U). 4. The total overhead spending variance. State whether this variance was favorable (F) or unfavorable (U). 5. The overhead efficiency variance. State whether this variance was favorable (F) or unfavorable (U). 6. The variable overhead spending variance and the fixed overhead spending variance. State whether each variance is favorable (F) or unfavorable (U)