Calvin Industries produces high-end futes for professional musicians across the globe. Actual foxed manufacturing overhead for the year was $1,250,000, while the budgeted fixed manufacturing overhood was $1,270.000. Using a standard costing system, the company alocated $1,200,000 of overhead to production. Read the requirements Requirement 1. Calculate the total fixed overhead variance. What does this tell managers? Begin by determining the formula for the fixed overhead budget variance, then compute the variance. (Abbreviation used: Std. Standard Enter the variance as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed overhead variance Requirements 1. Calculate the total fixed 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? Print Done X