Halloween Supplies, Inc. estimates that 120,000 direct labor hours will be worked during 2021 in the...

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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 Indirect materials Repairs Utilities Lubricants $48,000 28,800 26,400 17,400 6,600 $127,200 Variable Overhead Costs Indirect labor Indirect materials Repairs Utilities Lubricants Fixed Overhead Costs Supervision Depreciation Insurance It is estimated that direct labor hours worked each month will range from 8,000 to 12,000 hours. $4,300 2,500 2,350 1,600 600 $11,350 Rent Property taxes During January, 10,000 direct labor hours were worked and the following overhead costs were incurred. $78,000 26,400 15,600 10,200 7,200 $137,400 Fixed Overhead Costs Supervision Depreciation Insurance Rent Property taxes $6,500 2,200 1,300 850 600 $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 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. 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 Indirect materials Repairs Utilities Lubricants $48,000 28,800 26,400 17,400 6,600 $127,200 Variable Overhead Costs Indirect labor Indirect materials Repairs Utilities Lubricants Fixed Overhead Costs Supervision Depreciation Insurance It is estimated that direct labor hours worked each month will range from 8,000 to 12,000 hours. $4,300 2,500 2,350 1,600 600 $11,350 Rent Property taxes During January, 10,000 direct labor hours were worked and the following overhead costs were incurred. $78,000 26,400 15,600 10,200 7,200 $137,400 Fixed Overhead Costs Supervision Depreciation Insurance Rent Property taxes $6,500 2,200 1,300 850 600 $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 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.