The Boston Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. Variable manufacturing overhead is allocated to products on the basis of standard direct manufacturing labor-hours. Following is some budget data for the Boston Bread Company: Direct manufacturing labor use Variable manufacturing overhead 0.02 hours per baguette $10.00 per direct manufacturing labor-hour The Boston Bread Company provides the following additional data for the year ended December 31: Planned (budgeted) output Actual production Direct manufacturing labor Actual variable manufacturing overhead 3,500,000 baguettes 2,500,000 baguettes 44,300 hours $598,050 REQUIRED: 1) Prepare a variance analysis of variable manufacturing overhead (you do not need to show your analysis HOWEVER you do need to use the variances calculated - Spending Variance, Efficiency Variance, and Production Volume Variance - in your explanations and discussion for each variance). *** Label all variances as favorable or unfavorable*** 2) Discuss the variances you have calculated and give possible explanations for them