Norwall Company's variable manufacturing overhead should be $3.00 per standard machine-hour and its fixed manufacturing overhead should be $240,000 per period. The following information is available for a recent period: a. The denominator activity of 48,000 machine-hours is used to compute the predetermined overhead rate. b. At the 48,000 standard machine-hours level of activity, the company should produce 48,000 units of product. c. The company's actual operating results were: Number of units produced 50,500 Actual machine-hours 52,000 Actual variable overhead cost $150,800 Actual fixed overhead cost $249,600 -------------------------------------------------------------------------------- 1: Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Omit the "$" sign in your response.) Predetermined overhead rate $ per MH Variable rate $ per MH Fixed rate $ per MH -------------------------------------------------------------------------------- 2: Compute the standard hours allowed for the actual production. Standard hours MHs 3: Compute the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (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. Omit the "$" sign in your response.) Variable overhead rate variance $ Variable overhead efficiency variance $ Fixed overhead budget $ Volume variance $