The standard cost card for the single product manufactured by Cutter, Inc., is given below or Rate Standard Standard Quantity Price or Hours 3.6 yards $ 3.8 per yard rs 16.00 per hour 8.T hours $ 2.0 per hour 8.7 hours $5.00 per hour Total standard cost per unit Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked .460 hours and manufactured 11,800 units of product Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below Actual Aplied to $40.es Budget variance, Ve Required: 1 What were the standard hours allowed for the year's production? 2. What was the amount of budgeted overhead cost for the year? 3. What was the feed overhead budget variance for the year indicate the effect of each variance by selecting for unfavorable, and "None for no efecte.rere variance Input all amounts as positive values.) 4. What denominator activity level of the company use in setting the predetermined Overhead rate for the year! The standard cost card for the single product manufactured by Cutter, Inc., is given below. Inputs Direct materials Direct labor Variable overhead Fixed overhead Total standard cost per unit (1) (2) Standard Standard Quantity Price or Hours or Rate 3.6 yards $ 3.80 per yard 8.7 hours $ 16.00 per hour 8.7 hours $ 2.00 per hour 0.7 hours $ 5.per hour Standard Cost (1) K (2) $10.80 11.20 1.40 3.58 $26.90 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 8,460 hours and manufactured 11,800 units of product. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below. rences Actual Fixed Overhead Fixed Overhead Applied to Work in Process Budgeted Fixed Overhead 7 hours x $? per hour $40, een Budget variance, vo tue var lace, $3.300F Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fixed overhead cost for the year? 3. What was the fixed overhead budget variance for the year? (Indicate the effect of each variance by selecting for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year? for favorable. "U" DLHS 1. Standard hours allowed for the year's production 2. Budgeted fixed overhead cost 3. Budget variance 4. Denominator activity