The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: Cost Formula MachineHours (per machine Overhead Costs hour) 9,000 10,000 11,000 Variable cost $1.50 $13,500 $15,000 $16,500 Fixed cost 20,700 20,700 20,700 Total overhead cost $34,200 $35,700 $37,200 The following information is available for a recent period: a. The denominator activity of 9,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 9,000 standard machine-hours level of activity, the company should produce 4,500 units of product. c. The company's actual operating results were as follows: Number of units produced 4,800 Actual machinehours 9,000 Actual variable overhead costs $13,940 Actual fixed overhead costs $21,000 I Required: 1. Compute the predetermined overhead rate and break it down into variable and xed cost elements. (Round your answers to 2 decimal places.) Predetermined overhead rate $ 3.80 m Variable rate 2.3OEper MH 2. What were the standard hours allowed for the year's actual output? (Do not round intermediate calculations.) MHs 3. Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances. (Do not round intermediate calculations. Round your answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e.. zero variance).) Variable overhead spending variance Variable overhead efciency variance Fixed overhead budget variance Fixed overhead volume variance