The Gcanary Bread Company bakes bagueties for distribution to upscale grocery stores. The The following is some budget data for the Granary Bread Company for 2020 and company has two doecl-cost calegories: direct malerials and direct manulacturing latoe. The addisonal information for the yeor onded Decmeber 31,2020 : Granary Bread Compary allocates fixed manufacturing overhead to products on the batis of (Cick the icon to view the budget data.) standard diect manufacturthg laboc hours. For 2020, fored manufacturing overhead was budgeted at $3.00 per direct manufacturing unbor hour. Actual fived manufacturing oveihead incurred during (Click the icon to viow the additicnal dakal) the year wat $280,000 Read the recuirements. Requirement 1. Precere a vanance analyais of fored manulacturng overhead cost. Begin by compioting the table below for the fixed manutacturing overtead that wil be used to calculate the variances. Data table Planned (budgeted) output 3,500,00 \&. baguettes Actual production 2,700,000 baguettes Direct manufacturing labor Actual variable manufacturing overhead $634,040 Print Done Requirements 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