Overhead is applied to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: $459,900 Total budgeted fixed overhead cost for the year $453,000 Actual fixed overhead cost for the year Budgeted standard direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output 63,000 64,000 61,000 2. Compute the fixed overhead budget variance and volume variance. (Round Fixed portion of the predetermined overhead rate to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.)) Budget Variance Budget variance Volume Variance Volume variance