The McKnight Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 43,000 units. Information about the various manufacturing overhead costs follows: E: (Click the icon to view the manufacturing overhead cost information.) Requirement Prepare the manufacturing overhead budget for the McKnight Company for the upcoming year. Prepare the manufacturing overhead budget by first calculating the total variable manufacturing overhead, then calculate the total fixed manufacturing overhead and total manufacturing overhead. The McKnight Company Manufacturing Overhead Budget For the Upcoming Year Projected Sales (Units) Variable manufacturing overhead costs: Indirect materials Supplies Indirect labor Plant utilities Repairs and maintenance Total variable manufacturing overhead Variable rate per unit Total fixed costs Indirect.materials ..... $1.40 IIIGILULILICllIalo. . . . . . . . . . . . . . Supplies.......................... $0.70 Indirect.labor ...................... $0.40 $0.10 $0.30 Plant.utilities. ... Repairs. and maintenance ............ Depreciation on plant and equipment.... Insurance.on plant and equipment .... $61,000 $37,000 $10,000 $49,000 $23,000 $60,000 Plant, supervision