Norwall Company's budgeted variable manufacturing overhead cost is $1.30 per machine-hour and its budgeted fixed manufacturing overhead is $26,040 per month The following information is available for a recent month: a. The denominator activity of 8,400 machine-hours is used to compute the predetermined overhead rate. b. At a denominator activity of 8,400 machine-hours, the company should produce 4,000 units of product c. The company's actual operating results were: Number of units produced Actual machine-hours Actual variable manufacturing overhead cost Actual fixed manufacturing overhead cont 5.240 9,060 310, 419.00 528,300.00 Required: 1. Compute the predetermined overhead rate and break it down into varlable and fixed cost elements. (Round your answers to 2 decimal places.) 2. Compute the standard hours allowed for the actual production 3. Compute the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.o., zero variance). Input all amounts as positive values. Round your intermediate calculations and final answers to 2 decimal places.) Answer is complete but not entirely correct. 1 Predetermined overhead rate Variable element Fixed element Standard hours allowed for the actual production Variable overhead rato variance Variable overhead officiency variance 2 3. 4.40 per MH IS 1.30 per MH $ 3.10 per MH 11,004 MHS $ 1359.000 $ F 11.778.00 $ JU 12.260.00) $ 8.072.00 F Fixed overhead budget variance Fixed overhead volume variance