Assume that the Test Corporationis manufacturing facility actually incurred $2.881,000 of manufacturing overhead for the year. Total fixed manufacturing overhead was budgeted at $3.070.000. Using a standard costing system, the company allocated $2.46.000 of feed manufacturing overhead to production Read memes Requirement 1. Calculate the total fixed manufacturing overhead variance. What does this tell managers? Identify the formule labels and calculate the total overhead variance (Enteral values as positive numbers. Label the variance as favorable (F) or unfavorable (U)) Totalfred manufacturing overhead variance What does the total and manufacturing overhead variance to managers? The variance managers that Test man facturing overhead by $ Requirement 2. Dele t ed overhead budget variance. What does this managers? Identify the form bel and calculate the feed overhead budget variance (Enteral values as positive numbers Label the variance as favorable For unfavorable()) Fixed overhead budget variance Requirements 1. Calculate the total fixed manufacturing overhead variance. What does this tell managers? 2. Determine the fixed overhead budget variance. What does this tell managers? 3. Determine the fixed overhead volume variance. What does this tell managers? 4. Double check: Do the two variances (computed in Requirements 2 and 3) sum to the total overhead variance computed in Requirement 1