Chip Company has the following production standard for overhead costs: Variable Costs Fixed Costs per per Direct Labor Period: Hour Indirect Materials $4.70 Supervision $88,000 Indirect 11.60 Depreciation 9,400 Labor Other Property 7.20 Taxes 2,700 Total Total Fixed Variable $23.50 Costs Costs $100,100 Required: 1. Prepare a flexible budget for activities ranging from 4,000 labor hours to 7,000 direct labor hours in increments of 1,000 hours in the attached Workpaper #1. 1. Prepare a flexible budget for activities ranging from 4,000 labor hours to 7.000 direct labor hours in increments of 1,000 hours in the attached Workpaper #1. 2. Using the following information, prepare a budget variance report for Chip Company in the attached Workpaper #1. Chip Company's actual activity was 5,000 direct labor hours and the actual costs were as follows: Total Variable Fixed Costs: Costs: Indirect $23,200 Supervision $89,400 Materials Indirect Labor 58,900 Depreciation 9,500 Other Property 37,200 Taxes 2,350 Workpaper Files in PDF and Excel