Problem 114 The Fancy Bread Company allocates foed manufacturing overhead to products on the basis of standard direct manufacturing labor tours. For the current year teed manufacturing and was budgeted at $4.75 per direct manufacturing labor hour. Actual fred manufacturing overhead incurred during the year was $3,500,000, Additional formation abow Budgeted Standard Derect Manufacturing Laber Used Budgeted Output Actual Production 0.3 Hours 2,500,000 Fancy Beach 2,350,000 Fancy Bread REQUIRED: 1. Prepare a variance analysis of food manufacturing overhead cost. Clearly mark each variance as overallocated (0) or under located 2. Is fixed manufacturing overhead under allocated or overallocated? Bly what amount? 3. Comment on your results. Discuss the variances and explain what may be driving them