The standard cost card for the single product manufactured by Cutter, Incorporated, is given below: Inputs Direct materials (1) Standard Quantity or Hours 4.5 yards 0.7 hours (2) Standard Price or Rate $ 3.00 per yard $ 2.00 per hour $5.00 per hour Direct labor $ 15.00 per hour Variable overhead 0.7 hours Fixed overhead 0.7 hours Total standard cost per unit Standard Cost (1) (2) $ 13.50 10.50 1.40 3.50 $ 28.90 Manufacturing overhead is applied to production based on standard direct labor-hours. During the year, the company worked 8,950 hours and manufactured 12.500 units. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Actual Fixed Overhead = $44,000 Budgeted Fixed Overhead = ? Fixed Overhead Applied to Work In Process = ? hours x $? per hour = $? Budget varlance = $? Volume variance = $1,250 F Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fixed overhead cost? 3. 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 (I.e., zero variance). Input all amounts as positive values. 4. What denominator activity level did the company use in setting the predetermined overhead rate? 1. Standard hours allowed for the year's production 2. Budgeted fixed overhead cost 3. Budget variance 4. Denominator activity DLHs DLHs