8-24 Fixed manufacturing overhead variance analysis (continuation of 8-23). The French Bread Company also allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2017, fixed manufacturing overhead was budgeted at $4.00 per direct manufacturing laborhour. Actual fixed manufacturing overhead incurred during the year was $272,000. 1. Prepare a variance analysis of fixed manufacturing overhead cost. Use Exhibit 8-4 (page 324) as a guide. 2. Is fixed overhead underallocated or overallocated? By what amount? 3. Comment on your results. Discuss the variances and explain what may be driving them