What are the steps in developing a budgeted fixed overhead rate? Select the steps in the appropriate order Step 1. Step 2. Step 3. Step 4. Choose the period to be used for the budget. Compute the fixed overhead spending and efficiency variances. Compute the rate per unit of each cost-allocation base used to allocate fixed overhead costs to output produced... Determine the debit to Fixed Manufacturing Overhead Control. Identify the fixed overhead costs associated with each cost-allocation base. Select the cost-allocation bases to use in allocating fixed overhead costs to the output produced.