The standard cost card for the single product manufactured by Cutter, Inc., is given below Standard Cost Card-per Unit Direct materials, 5.3 yards at S4.00 per yard Direct labor, .7 hours at $18.00 per hour Variable overhead, .7 hours at $2.00 per hour Fixed overhead, 7 hours at $4.50 per hour Total standard cost per unit S 21.20 12.60 1.40 3.15 S 38.35 Manufacturing overhead is applied to production on the basis of standard direct labor- hours. During the year, the company worked 10,700 hours and manufactured 15,000 units of product. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Fixed Overhead Applied to Work in Process Actual Fixed Overhead Budgeted Fixed Overhead ? hours x $? per hour $43,000 Volume variance, $5,400 F Required: 1. What were the standard hours allowed for the year's production? (Round "Standard hours per unit" to 1 decimal place.) Total produced last year Standard hours per unit Standard-hours units DLH per unit 2. What was the amount of budgeted fixed overhead cost for the year? Budgeted fixed overhead cost 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).) udget variance 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year? (Round "Fixed cost element of the predetermined overhead rate" to 2 decimal places.) Denominator Activity Budgeted fixed overhead cost Fixed cost element of the predetermined overhead rate Denominator activity per DLH