The Fancy Bread Company allocates fixed manufacturing owerhead to products on the basis of standard direct manufacturing labor hours. For 2017, faed manufacturing overhead was budgeted at $4.75 per Actual fxed manufacturing overhead incurred durring the year was $3,500,000. Additional information is as follows Budgeted Output Actual Production 0.3 Hours 2,500,000 Fancy Breads 2,350,000 Fancy Breads REQUIRED: 1. Prepare a variance analysis of fxed manufacturing overhead cost. Clearly mark each variance as overallocated (O) or underallocated (U) 2. Is fxed ma overhead underallocated or overallocated? By what amount? 3. Comment on your results. Discuss the variances and explain what may be driving them