Paintin' Is Us! estimates that 240,000 direct labor hours will be worked during 2019 in the Painting Department. Based on this estimate, the following budget was developed for manufacturing overhead costs. Variable Overhead Costs Indirect labor $67,200 Indirect materials 40,800 Repairs 43,200 Utilities 26,400 Lubricants 9,600 $187,200 Fixed Overhead Costs Supervision $75,000 Depreciation 30,000 Insurance 12,000 Rent 9,000 Property taxes 6,000 $132 000 It is estimated that direct labor hours worked each month will range from 16,000 to 24,000 hours During January, 20,000 direct labor hours were worked and the following overhead costs were incurred. 3,700 Variable Overhead Costs Indirect labor $6,100 Indirect materials Repairs 3,200 Utilities 2,100 Lubricants 850 $15,950 Fixed Overhead Costs Supervision $6,250 Depreciation 2,500 Insurance 1,000 Rent 750 Property taxes 500 $11,000 Instructions for Project 2: 1. Using Excel, prepare a monthly flexible manufacturing overhead budget for each increment of 2,000 direct labor hours over the relevant range for the year ending December 31, 2019. Refer to Illustration 23-13 in the chapter for an example. 2. Using Excel, prepare a manufacturing overhead budget report for January in good form. Refer to Illustration 23-16 in the chapter as a guide