The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: Machine-Hours Cost Formula (per machine- hour) $ 1.15 5,500 6,500 Overhead Costs Variable cost Fixed cost Total overhead cost 7,500 $ 6,325 $ 7,475 $ 8,625 8,800 8,800 8,800 $15, 125 $16,275 $17,425 The following information is available for a recent period: a. The denominator activity of 5,500 machine-hours was chosen to compute the predetermined overhead rate. b. At the 5,500 standard machine-hours level of activity, the company should produce 2,200 units of product. c. The company's actual operating results were as follows: Number of units produced Actual machine-hours Actual variable overhead costs Actual fixed overhead costs 2,500 6,500 $ 7,930 $ 9,000 Required Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) Answer is not complete. $ Predetermined overhead rate Variable rate 1.15 per MH per MH per MH Fixed rate $ 1.60 2. What were the standard hours allowed for the year's actual output? (Do not round Intermediate calculations.) Answer is complete and correct. Standard hours for actual production 6,250 MHS MENT Return to question Answer is complete and correct. Standard hours for actual production 6.250 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).) Answer is complete but not entirely correct. $ 455.00 U Variable overhead spending variance Variable overhead officiency variance Fixed overhead budget variance Fixed overhead volume variance $ 288.00 U U $ 200.00 $ 1,200.00 F