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The standard cost card for the single product manufactured by cutter, incorporated, ls given below: table [ [ Inputs , table [ [

The standard cost card for the single product manufactured by cutter, incorporated, ls given below:
\table[[Inputs,\table[[(1) Standard],[Quantity or],[Hours]],\table[[121 Standard],[or Rate]],Price,],[Direct materials,5.3 yards,$4.00 per,yard,421.20],[Direct labor,0.7 hours,$18.00 per,hour,12.60],[Variable overhead,0.7 hours,$2.00 per,hour,1.40],[Fixed overhead,0.7 hours,$4.50 per,houts,3.15],[Total standard cost,,,,538.35]]
Manufacturing overhead is applied to production based on standard dilect labor-hours. During the year, the company worked 10,700 hours and manufactured 15,000 units. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below:
Actual Fixed Overhead =$43,000
Budgeted Fixed Overhead =?
Fixed Overhead Applied to Work in Process = hours x? per hour =$ ?
Budget variance =$
Volume variance =$5,400F
Required:
What were the standard hours allowed for the year's production?
What was the amount of budgeted fixed overhead cost?
What was the fixed overhead budget variance?
Note: 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.
What denominator activity level did the company use in setting the predetermined overhead rate?
\table[[1. Standard hours allowed for the year's production,,DLHs],[2. Budgeted fixed overhead cost,,],[3. Budget variance,,DLHs],[4. Denominator activity,,]]
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