Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT email your filet Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked during 2021 in the Packaging Department. Based on this estimate, the following budget was developed for annual manufacturing overhead costs. Variable Overhead Costs Indirect labor $48,000 Indirect materials 28,800 Repairs 26,400 Utilities 17,400 Lubricants 6,600 $127,200 Fixed Overhead Costs Supervision $78,000 Depreciation 26,400 Insurance 15,600 Rent 10,200 Property taxes 7,200 $137,400 It is estimated that direct labor hours worked each month will range from 8,000 to 12,000 hours During January, 10.000 direct labor hours were worked and the following overhead costs were incurred Variable Overhead Costs Indirect labor $4,300 Indirect materials 2,500 Repairs 2,350 Utilities 1,600 Lubricants 600 $11,350 Fixed Overhead Costs Supervision $6,500 Depreciation 2,200 Insurance 1,300 Rent 850 Property taxes 600 $11,450 Instructions for Project 2: 1. Using Excel, prepare a monthly flexible manufacturing overhead budget for each increment of 1,000 direct labor hours over the relevant range for the year ending December 31, 2021. 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