Flexible Budget for Various Levels of Activity Cerium Inc, produces a variety of household cleaning products. Cerium's controller has developed standard costs for the following four overhead items: Next year, Cerium expects production to require $8,000 direct labor hours. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 2. Prepare an overhead budget that reflects production that is 15% higher than expected and for production that is 15% fower than expected. Flexible Budget for Various Levels of Activity Cerium Inc, produces a variety of household cleaning products. Cerium's controller has developed standard costs for the following four overhead items: Next year, Cerium expects production to require $8,000 direct labor hours. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 2. Prepare an overhead budget that reflects production that is 15% higher than expected and for production that is 15% fower than expected