Ivanhoe Co. developed its annual manufacturing overhead budget for its master budget for 2022 as follows: 121,500 Direct Expected annual operating capacity Labor Hours Variable overhead costs Indirect labor $607,500 Indirect materials 121,500 Factory supplies 60,750 Total variable 789,750 Fixed overhead costs Depreciation Supervision Property taxes Total costs 255,000 135,000 111,000 Total fixed 501,000 $1,290,750 The relevant range for monthly activity is expected to be between 9,500 and 12,000 direct labor hours. Prepare a flexible budget for a monthly activity level of 9,500 and 10,500 direct labor hours. (List variable costs before fixed costs.) Activity level Direct labor hours IVANHOE CO. Monthly Flexible Manufacturing Overhead Budget 9,500 $ $ 10,500