The Malt Bread Company bakes baguettes for distribution The following is some budget data for the Malt to upscale grocery stores. The company has Bread Company for 2020 and additional infomation two direct-cost categories: direct materials and direct for the year ended Decmeber 31, 2020: manufacturing labor. The Malt Bread Company allocates (Click the icon to view the budget data.) fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2020 , fixed Click the icon to view the additional data.) manufacturing overhead was budgeted at $3.00 per direct manufacturing labor-hour. Actual fixed manufacturing Read the requirements. overhead incurred during the year was $280,000. 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. Data table 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