Cody Co. developed its monthly manufacturing overhead budget for 2021 as follows: Maximum monthly 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 Depreciation 240,000 Supervision 120.000 Property taxes 96.000 Total fixed 456.000 Total costs $1.236.000 The relevant range for monthly activity is expected to be between 90,000 and 120,000 direct labor hours. Instructions Prepare flexible budgets for (1) activity level of 95,000 direct labor hours and (2) activity level of 115,000 direct labor hours