The Bread Company has two direct-cost categories, direct materials and direct manufacturing labour. Variable and fixed manufacturing overhead are allocated to products on the basis of standard direct manufacturing labour hours. Bread is baked in batches of 100 loaves. Following is some pertinent data for the Bread Company (the actual and budgeted data is for the same year): Required Prepare a variance analysis of variable and fixed manufacturing overhead costs. Is variable/fixed overhead over- or under-allocated? By how much? Prepare journal entries for both the variable and the fixed manufacturing overhead