Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT email your fil XVZ Company estimates that 240,000 direct labor hours will be worked during 2017 in the Painting Department. Based on this estimate, the following budget was developed for manufacturing overhead costs. Fixed Overhead Costs Indirect labor Indirect materials Repairs Utilities Lubricants $67,200 40,800 43,200 26,400 9,600 $187,200 Supervision Depreciation Insurance Rent Property taxes $75,000 30,000 12,000 9,000 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. Variable Overhead Costs Fixed Overhead Costs Indirect labor Indirect materials Repairs Utilities Lubricants $6,100 3,700 3,200 2,100 850 $15,950 Supervision Depreciation Insurance Rent Property taxes $6 250 2,500 1,000 750 500 $11,000 Instructions for Project 2: Using the skills you learned/reviewed in the "How-to" Project, complete the following using Excel. Be sure to create and use formulas in the appropriate cells to do your math. 1. Using Excel, prepare a monthly flexible manufacturing overhead budget for each increment of 2 hours over the relevant range for the year ending December 31, 2017. Refer to Illustration 24-13 on page 1115 for an example 2. Using Excel, prepare a manufacturing overhead budget report for January in good form. Refer to Illustration 24-10 on page 1113 as a guide