Flexible Budget for Various Levels of Activity Palladium Inc, produces a variety of household cleaning products. Palladium's controller has developed standard costs for the following four overhead items: Next year, Palladium expects production to require 90,000 direct labor hours. Required: 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% lower than expected. 2. Prepare an overhead budget that refiects production that is 15% higher than expected and for production that is 15% lower than expected