The standard cost card for the single product manufactured by Cutter, Inc., is given below: (1) (2) Standard Standard Standard Quantity Price Cost Inputs or Hours or Rate (1) X (2) Direct materials 5.2 yards $5.00 per yard $26.00 Direct labor 0.8 hours $ 17.00 per hour 13.60 Variable overhead 0.8 hours $ 3.50 per hour 2.80 Fixed overhead 0.8 hours $ 6.ee per hour 4.80 Total standard cost per unit $47.20 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 9,640 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 Fixed Budgeted Fixed Fixed Overhead Applied to Overhead Overhead Work in Process hours $? per hour 557,000 - Budget variance, variance, $1,440 F 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 (.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? Volume $ DLHS 1. Standard hours allowed for the year's production 2. Budgeted fixed overhead cost 3. Budget variance 4 Denominator activity DLHS