Problem 10-23 Overhead Performance Report [LO7] Asper Company has recently introduced budgeting as an integral part of its corporate planning process. An inexperienced member of the accounting staff was given the assignment of constructing a flexible budget for manufacturing overhead costs and prepared it in the format that follows Percentage of Capacity Machine-hours 100% 60,000 80% 48,000 Utilities Supplies Indirect labour Maintenance Supervision $51,200 4,800 9,600 43,200 20,000 $ 62,000 6,000 12,000 48,000 20,000 Total manufacturing overhead cost $ 128,800 $148,000 The company assigns manufacturing overhead costs to production on the basis of standard machine- hours. The cost formulas used to prepare the budgeted figures above are relevant over a range of 80% to 100% of capacity in a month. The managers who will be working under these budgets have control over both fixed and variable manufacturing overhead costs