The Mandeep Corporation uses a standard costing system in the creation of awards and trophies. The Manufacturing overhead costs are applied to products based on machine time. Required: Unfortunately, due to accounting glitches in the software, several numbers and labels have been omitted from the analysis of fixed overhead below. Supplying the missing 5 items will help to answer the questions: Actual Fixed Overhead Cost Flexible Budget Overhead Cost Fixed Overhead Cost Applied to Work in Process (a) (b) 304,000 MH x $1.11 = (c) Budget variance, $2,220 U (d) (e) Total variance, $5,550 F 1. Assume that 6 minutes of machine time is standard per unit of production. How many units were produced in the situation above? 2. Assume that 6 minutes of machine time is standard per unit of production. How many units of production were assumed when the predetermined application rate for fixed overhead was established?