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The Whole Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. The Whole Bread Company allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2020 , fixed manufacturing overhead was budgeted at $4.00 per direct manufacturing labor-hour. Actual fixed manufacturing overhead incurred during the year was $298,000. Requirement 1. Prepare a variance analysis of fixed manufacturing overhead cost. Begin by completing the table below for the fixed manufacturing overhead that will be used to calculate the variances. Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) Requirement 2. Is fixed overhead underallocated or overallocated? By what amount? Fixed manufacturing overhead is by Requirement 3. Comment on your results. Discuss the variances and explain what may be driving them. The production-volume variance captures the difference between the number of budgeted baguettes and the actual number of baguettes produced. Whole Bread Company's spending variance means that the actual aggregate of fixed costs the budget amount. For example, monthly leasing rates for baguette-making machines may have those in the budget. Data table Data table