The standard cost card for the single product manufactured Cutter, Inc., is given below: (1) Standard Quantity or Hours 3.6 yards (2) Standard Price or Rate S 3.08 per yard Standard Cost Inputs Direct materials Direct labor (1) (2) $10.8e 8.7 hours $ 16.88 per hour 11.20 1.40 3.56 Variable overhead a.7 hours .7 hours $ 2.08 per hour $ 5.08 per hour Fixed overhead Total standard cast per unit $26.90 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 8460 hours and manufactured 11,800 units of product. Selected data relating to the compeny's fixed manufacturing overhead cost for the year are shown below Fixed overhead Actual Fixed Overhead Applied t es work in Budgeted Pixed Overhead Process 7 sours $7 per hour -$7 $40,e88 T Voluee variance, $3,300 Budget variance, Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fied overhead cost for the year? 3 What was the fixed overhead budget variance for the year? Idicate the effect of each variance by selecting "F" for favorable, "U for unfavorable, and "None" for no effect (e, 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? 1. Siandand hours alowed for the years production 2 Budgeted feed overhead coat 3. Budget vadance DLHs 4 Denominaor activity DLHs