The standard cost card for the single product manufactured by Cutter, Incorporated, is given below:

Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost times

Direct materials yards $ per yard $

Direct labor hours $ per hour

Variable overhead hours $ per hour

Fixed overhead hours $ per hour

Total standard cost per unit $

Manufacturing overhead is applied to production based on standard direct laborhours. During the year, the company worked hours and manufactured units. Selected data relating to the companys fixed manufacturing overhead cost for the year are shown below:

Actual Fixed Overhead $

Budgeted Fixed Overhead question mark

Fixed Overhead Applied to Work in Process question mark hours times $question mark per hour $

Budget variance $

Volume variance $ F

Required:

What were the standard hours allowed for the years 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 ie zero variance Input all amounts as positive values.

What denominator activity level did the company use in setting the predetermined overhead rate?