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3. Cody Co, developed its annual manufacturing overhead budget for its master budget for 2016 as follows: Expected annual operating capacity 120.000 Direct Labor Hours Variable overhead costs Indirect labor $600,000 Indirect materials 120,000 Factory supplies 60.000 Total variable 780,000 Fixed overhead costs Depreciation 240,000 Supervision 120,000 Property taxes 96.000 Total fixed 456.000 Total costs $1,236.000 The relevant range for monthly activity is expected to be between 8,000 and 12,000 direct labor hours. Required (8 marks) Prepare a flexible budget for a monthly activity level of 8,000 and 9,000 direct labor hours