The Granary Bread Company bakes baguettes for distribution to upscale grocery stores. IT1e company has two direct-cost categories: direct materials and direct manufacturing labor. Variable manufacturing overhead is allocated to products on the basis of standard direct manufacturing December 31,2017 labor-hours. Following is some budget data for the Granary Bread Company: (Click the icon to (Click the icon to view the budget data.) The denominator level is hours. Requirement 2. Prepare a variance analysis of variable manufacturing overhead. Begin by calculating the following amounts for the variable overhead that will be used to calculate the variances. Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists leave the dollar value blank. variance (N). Data table Data table Requirements 1. What is the denominator level used for allocating variable manufacturing overhead? (That is, for how many direct manufacturing labor-hours is Granary Bread budgeting?) 2. Prepare a variance analysis of variable manufacturing overhead. 3. Discuss the variances you have calculated and give possible explanations for them