E10.3 Prepare flexible manufacturing overhead budget Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. $ Indirect labor Indirect materials Utilities 1.00 0.70 0.40 Fixed overhead costs per month are supervision $4,000, depreciation $1,200, and property taxes $800. The company believes it will normally operate in a range of 7,00010,000 direct labor hours per month Instructions Prepare a monthly manufacturing overhead flexible budget for 2022 for the expected range of activity, NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells. 9,000 10,000 MYERS COMPANY Monthly Manufacturing Overhead Flexible Budget For the Year 2022 Activity level Direct labor hours 7,000 8,000 Variable costs Indirect labor Indirect materials Utilities Total variable cost Fixed costs Supervision Depreciation Property taxes Total fixed costs Total costs