The standard cost card for the single product manufactured by Cutter, Incorporated, is given below: (1) Standard Standard Cost Inputs Quantity or Hours (2) Standard (1) x Price or Rate (2) $ per $ Direct materials 4.6 yards 5.00 yard 23.00 Direct labor $ per 0.9 hours 14.40 16.00 hour $ per Variable overhead 0.9 hours 2.70 3.00 hour Fixed overhead 0.9 hours $ per 6.00 hour 5.40 $ Total standard cost per unit 45.50 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 10,190 hours and manufactured 11,100 units of product. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Actual Fixed Overhead Budgeted Fixed Overhead $52,800 ? Volume variance, $8,340 F Budget variance, $? Fixed Overhead Applied to Work in Process ? hours x $? per hour = $? 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 "F" for favorable, "U" 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? Answer is complete but not entirely correct. 1. Standard hours allowed for the 9,990 DLHS year's production $ 2. Budgeted fixed overhead cost 59,940 3. Budget variance $7,140 F 4. Denominator activity 9,990X DLHS