Exercise 2: Draw up a flexible budget for overhead expenses on the basis of the following data and determine the overhead rates at 70%, 80% and 90% plant capacity At 80% Capacity OMR. Variable Overheads: Indirect labor 12,000 Stores including spares 4,000 Semi-variable Overheads: Power (30% fixed, 70% variable) 20,000 Repairs and maintenance (60% fixed, 40% variable) 2,000 Fixed Overheads: Depreciation 11,000 Insurance 3,000 Salaries 10,000 Total Overheads 62,000 Estimated direct labor hours 1,24,000 hrs