The Brown Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. The Brown Bread Company allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. The following is some budget data for the Brown Bread Company for 2017 and additional infomation for the year ended Decmeber 31, 2017: E. (Click the icon to view the budget data.) Direct manufacturing labor use Fixed manufacturing overhead 0.02 hours per baguette $4.00 per direct manufacturing labor-hour Planned (budgeted) output Actual production Budgeted direct manufacturing labor Actual direct manufacturing labor Actual fixed manufacturing overhead 3,300,000 baguettes 3,200,000 baguettes 66,000 hours 58,400 hours $284,000 1. Prepare a variance analysis of fixed manufacturing overhead cost. 2. Is fixed overhead underallocated or overallocated? By what amount? 3. Comment on your results. Discuss the variances and explain what may be driving them