Assume that Happy Burger Corporation's manufacturing facility actually incurred $2,979,000 of manufacturing overhead for the year. Total fixed manufacturing overhead was budgeted at $3,060,000. Using a standard costing system, the company allocated $2,949,000 of manufacturing overhead to production. Part 1: Word Bank for Total fixed manufacturing overhead variance formula: Part 1A: What does the total fixed manufacturing overhead variance tell managers? The variance tells managers that Happy Burger (overallocated or underallocated) manufacturing overhead by $_________. Part 2: Word Bank for Fixed overhead budget variance: Part 2A: What does the fixed overhead budget variance tell managers? The variance tells managers that Happy Burger actually incurred $________ (less or more) for manufacturing overhead than they would have expected for the actual (overhead, sales, or volume) of french fries producted during the year. Part 3: Word Bank for Fixed overhead volume variance: Part 3A: What does the fixed overhead volume variance tell managers? This variance tells managers that $______ of the total overhead variance arose because Happy Burger produced (fewer or more) french fries than anticipated. It is (favorable or unfavorable), because Happy Burger used its plant capacity (less or more) efficiently than originally anticipated. Part 4: Do the two variances (computed in Parts 2 and 3) sum to the total overhead variance computed in Part 1? (Yes or No) Please refrain from only partially answering the question, and please label which part of the question you are doing so that I may follow along. Thank you!

Requirement 1. Calculate the total fixed manufacturing overhead variance. What does this tell managers? Identify the formula labels and calculate the total overhead variance. (Enter all values as positive numbers. Label the variance as favorable (F) or unfavorable (U)) Identify the formula labels and calculate the total overhead variance. (Enter all values as positive numbers. Label the variance as favorable (F) or unfavorable (U).) Total fixed manufacturing overhead variance