22. Cody Co. developed its annual manufacturing overhead budget for its master budget for 2019 as follows: Expected annual operating capacity 120.000 Direct Labor Hours Variable overhead costs Indirect labor $600,000 Indirect materials 120,000 Factory supplies 60.000 Total variable 780.000 Fixed overhead costs 240,000 Depreciation 120,000 Supervision 96.000 Property taxes 456.000 Total fixed $1.236.000 Total costs 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