The standard cost card for the single product manufactured by Cutter, Inc., is given below (2)Standard Standard Standard Cost Quantity Price Hours or Rate(2) Inpats Direct materials Direct labor Variable overhead Fixed overhead Total standard cost per J yards s 6.00 4 houre s15.5o per yard 18 62 4 hours s 1.s0 Per hour 4 hours 5.00 Per 20 hour $106 unit Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 37,000 hours and manufactured 9,500 units of product. Selected data relating to the company's flxed manufacturing overhead cost for the year are shown below: Fixed Overhead Actual Fixed Budgeted Fixed overhead Applied to overhead Work in Process ? hours x $? per hour - $2 $198,700 Budget variance. variance, Volune $2 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 wes the fixed overhead budg faverable, "U" for unfavorable, and "None for no eflect (.e, zero variance), Input all amounts as positive values.) et variance for the year? (Indicate the effect of each variance by selecting "P for 4. What denominator activity level did the company use in setting the predetermined evel did the company use in setting the predetermined overhead rate for the year? Standard hours allowed for the DLHs ted fixed overhead cost Budget variance DLHs KPrev4 of 4