Calvin industries produces high-end futes for professionel musicians across the globe. Actual fixod manufacturing orerhead for the year was $1,250,060, while the budgeled foxod manufacturing overhead was $1,270,000. Using a standard costing system, the company allocated $1,200,000 of overhead to prodoction. Requirement 1. Calculate the totai fred overhead variance. What does this tell managers? Begin by dotormining the formule for the fixed overhead budget variance, then compute the variance. Abbreviation usod: Sid = Standard. Enter the variance as a postive numbec. Later the variance as tavorable (F) or unfavorable (U) in the input fiels after the amount you enter.)