Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT email your filel Halloween Supplies, Inc. estimates that 120 000 direct labor hours will be worke during 2019 in the Packaging Department Based on this estimate the following budget was developed for manufacturing overhead costs. Variable Overhead Costs Indirect labor $45,000 Indirect materials 28,500 Repairs 27,600 Utilities 17.400 Lubricants 6,600 $125,100 Fixed Overhead Costs Supervision $84,000 Depreciation 24,000 Insurance 15,000 Rent 10 800 Property taxes 7,200 $141,000 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 $4,100 Indirect materials 2,300 Repairs 2,200 Utilities 1,500 Lubricants 600 $10,700 Fixed Overhead Costs Supervision $7,000 Depreciation 2,000 Insurance 1,250 Rent 900 Property taxes 600 $11,750 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, 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. Project 2: Flexible Budget and Budget Report (10 points) Upload your file to Moodle by the deadline specified. Do NOT email your filel Halloween Supplies, Inc. estimates that 120 000 direct labor hours will be worke during 2019 in the Packaging Department Based on this estimate the following budget was developed for manufacturing overhead costs. Variable Overhead Costs Indirect labor $45,000 Indirect materials 28,500 Repairs 27,600 Utilities 17.400 Lubricants 6,600 $125,100 Fixed Overhead Costs Supervision $84,000 Depreciation 24,000 Insurance 15,000 Rent 10 800 Property taxes 7,200 $141,000 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 $4,100 Indirect materials 2,300 Repairs 2,200 Utilities 1,500 Lubricants 600 $10,700 Fixed Overhead Costs Supervision $7,000 Depreciation 2,000 Insurance 1,250 Rent 900 Property taxes 600 $11,750 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, 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