Brief Exercise 11-7 Computing Fixed Overhead Variances (LO2 - CC11, 12) Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labourhours allowed for the actual output of the period. Data concerning the most recent year appear below: Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. 2. Compute the fixed overhead budget variance and volume variance. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)