Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Standard Quantity Standard Rate Standard Unit Cost $0.48 Variable manufacturing overhead 0.6 $0.80 During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours $ 26,800 9,490 16,000 Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $59,500 and budgeted production of 23,800 units. Actual results were as follows: 26,800 Number of units produced and sold Actual fixed overhead $ 56,500 Required: 1. Calculate the fixed overhead rate based on budgeted production for LLL. 2. Calculate the fixed overhead spending variance for LLL. 3. Calculate the fixed overhead volume variance for LLL. 4. Calculate the over- or underapplied fixed overhead for LLL. Req 1 Req 2 and 3 Req 4 Calculate the fixed overhead rate based on budgeted production for LLL. (Round your answer to 2 decimal places.) Fixed Overhead Rate per unit Req 1 Req 2 and 3 Req 4 2. Calculate the fixed overhead spending variance for LLL. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 3. Calculate the fixed overhead volume variance for LLL. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round Fixed overhead rate to 2 decimal places.) Show less 2. Fixed Overhead Spending Variance 3. Fixed Overhead Volume Variance Req 1 Req 2 and 3 Req 4 Calculate the over- or underapplied fixed overhead for LLL. Fixed overhead