Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected:

Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours

Actual direct labour-hours

	$124,740
	$121,340
	23,100
	24, 600
Standard direct labour-hours allowed for the actual output	21,100

Required:

1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.)

Predetermined overhead rate

per DLH

2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable,

"U" for unfavourable, and "None" for no effect (i.e., zero variance).)

Fixed overhead budget variance

Fixed overhead volume variance

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Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours Actual direct labour hours Standard direct labour-hours allowed for the actual output Required $124,740 $121,340 23,100 24,600 21,100 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead sate per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours Actual direct labour hours Standard direct labour-hours allowed for the actual output Required $124,740 $121,340 23,100 24,600 21,100 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead sate per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance