1. Cody Co. developed its annual manufacturing overhead budget for its master budget for 2016 as follows: Expected annual operating capacity 120,000 Direct Labor Hours Variable overhead costs Indirect labor Indirect materials 120,000 Factory supplies 60,000 Total variable Fixed overhead costs Depreciation Supervision Property taxes 96,000 Total fixed 456,000 Total costs $1.236,000 $600,000 780,000 240,000 120,000 The relevant range for monthly activity is expected to be between 8,000 and 12,000 direct labor hours Instructions Prepare a flexible budget for a monthly activity level of 8,000 and 9,000 direct labor hours, F cody co lo flexale boot