Chip Company has the following production standard for overhead costs: Variable Costs Fixed Costs per per Direct Labor Period: Hour Indirect $8.90 Supervision $52,000 Materials Indirect 6.20 Depreciation 18,000 Labor Property Other 7.60 5,000 Taxes Total Total Fixed Variable $22.70 $75,000 Costs Costs Required: 1. Prepare a flexible budget for activities ranging from 12,000 labor hours to 15,000 direct labor hours in increments of 1,000 hours in the attached Workpaper #1.