The Top-Notch Inc. allocates FMOH to products on the basis of standard direct manufacturing labour-hours. For the year, FMOH was budgeted at $3.25 per direct manufacturing labour-hour (DMLH). Actual fixed manufacturing overhead (FMOH) incurred during the year was $326,400. (Click icon to view additional data.) Required 1. Prepare a variance analysis of FMOH costs. 2. Is fixed overhead under- or overallocated? By how much? 3. Comment on your results. Discuss the various variances, and explain what may be driving them. Begin by calculating the following amounts for the fixed manufacturing overhead. (Round interim calculations to seven decimal places. Round your final answers to the nearest whole dollar.) Actual Costs Incurred $ 326,400 Same Budgeted Flexible Budget: Same Budgeted Lump Sum Regardless of Lump Sum Regardless of Allocated Output Level Output Level Overhead Baguettes are baked in batches of 50 loaves. Following are some pertinent data for Top-Notch Inc.: Direct manufacturing labour use 1.75 DMLH per batch Fixed manufacturing overhead $3.25 per DMLH Top-Notch Inc. recorded the following additional data for the year ended December 31: Planned (budgeted) output 3,850,000 baguettes Actual production 3,370,000 baguettes Direct manufacturing labour 50,400 DMLH Actual fixed MOH $326,400