The White Bread Company bakes baguettes for distribution to upscale grocery stores. The 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 labor-hours. (Click the icon to view the budget data for 2017.) (Click the icon to view the additional data for 2017.) The White Bread Company also allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2017, fixed manufacturing overhead was budgeted at $3.00 per direct manufacturing labor-hour. Actual fixed manufacturing overhead incurred during the year was $293,000. Read the requirements. Requirement 1. Prepare a variance analysis of fixed manufacturing overhead cost. Data Table Begin by completing the table below for the fixed manufacturing overhead that will be used to calculate the variances. Fixed MOH Same Budgeted Actual Costs Incurred Lump Sum Regardless of Output Level Flexible Budget Allocated Overhead X i Data Table Direct manufacturing labor use 0.02 hours per baguette Variable manufacturing overhead $10.00 per direct manufacturing labor-hour Print Done Planned (budgeted) output Actual production Direct manufacturing labor Actual variable manufacturing overhead $767,040 3,500,000 baguettes 3,100,000 baguettes 56,400 hours Print Done * Requirements - X 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. Print Done - X