The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: The following information is available for a recent period: a. The denominator activity of 5,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 5,000 standard machine-hours level of activity, the company should produce 1,000 units of product. c. The company's actual operating results were as follows: Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) 2. What were the standard hours allowed for the year's actual output? (Do not round intermediote colculotions.) 3. Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume varlances. (Do not round intermediate calculations. Round your onswers to 2 decimol places. Indicate the effect of ench varionce by selecting "F" for favourable, "U" for unfovourable, and "None" for no effect (i.e., zero variance).)