Cerium Inc. produces a variety of household cleaning products. Cerium's controller has developed standard conts for the following four overhead items: Next year, Cerium expects production to require 58,000 direct labor hours. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 2. Prepare an overhead budget that reflects production that is 15% higher than expected and for production that is 15% lower than expected. Activity Level Activity Level Rate per Hour Hours Hours Variable costs: Maintenance Power Indirect tabor Total variable costs Fixed costs: Maintenance Indirect tabor Rent Total fixed costs Total overhead costs 2. Prepare an overhead budget that reflects production that is 15% higher than expected and for production that is 15% lower than expected