The Ferris Company applies manufacturing overhead costs to products based on direct labour hours. The August budgeted information is as follows: The company budgeted the following: Standard direct labour hours per unit Budgeted Direct Labour Hours (denominator activity) Total Budgeted Variable Overhead Costs Total Budgeted Fixed Overhead Costs 5 154,000 $123,200 $77,000 The company incurred the following actuals: Actual units completed Actual direct labour hours worked Total Actual Variable Overhead Costs Total Actual Fixed Overhead Costs 33,900 161,800 $137,530 $80,000 Required: 1. Compute the standard predetermined fixed manufacturing overhead rate. (1 mark). 2. Compute the fixed manufacturing overhead variances. Show calculations and label variances (name of variance and favourable or unfavourable)