The standard cost card for the single product manufactured by Cutter, Inc., is given below: Inputs Direct materials Direct labor Variable overhead Fixed overhead Total standard cont per unit (1) (2) Standard Btandard Quantity Price or Hours or Rate 5.2 yards $5.00 per yard 0.8 hours $17.00 per hour 0.8 hours 3.50 per hoor 0.3 hours $6.00 per hour Standard Coot (1) X (2) $26.00 13.60 2.80 4.80 $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: Fixed Overhead 1 Applied to Fixed overhead Budgeted Fixed overhead Process 7 hours 57 per hour 057.000 Budget variance, Volume variance, 52 $1,640 work in 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 (le, 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