1. Prepare a variance analysis of fixed manufacturing overhead cost. Use the exhibit that shows the variance analysis of fixed manufacturing overhead cost as a guide. a. For variances with a zero amount, leave the box empty; do not select a label or enter a zero. b. Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Actual Costs Incurred Same Budgeted Lump Sum Regardless of Output Level Flexible Budget Allocated Overhead Spending variance Efficiency variance Production-volume variance 2. Is fixed overhead underallocated or overallocated