The Granary Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. The Granary Bread Company allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2014. the following is some budget data for the Granary Bread Company: Direct manufacturing labor use 0.02 hours per baguette Fixed manufacturing overhead $3.00 per direct manufacturing labor-hour The Granary Bread Company provides the following additional data for the year ended December 31. 2014: Planned (budgeted) output 2, 900,000 baguettes Actual production 2, 400,000 baguettes Budgeted direct manufacturing labor 58,000 hours Actual direct manufacturing labor 42, 100 hours Actual fixed manufacturing overhead $293,000 Requirement 1. Prepare a variance analysis of fixed manufacturing overhead cost. Begin by completing the table below for the fixed manufacturing overhead that will be used to calculate the variances. Prepare a variance analysis of fixed manufacturing overhead cost. Is fixed overhead underallocated or overallocated? By what amount? Comment on your results. Discuss the variances and explain what may be driving them