CHC, Inc., produces a variety of shampoos, conditioners, and hair care products. CHC’s controller…

CHC, Inc., produces a variety of shampoos, conditioners, and hair care products. CHC’s controller has developed standard costs for the following four overhead items: Next year, CHC expects production to require 150,000 direct labor hours. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 2. Prepare an overhead budget that reflects production that is 15 percent higher than expected, and for production that is 15 percent lower thanexpected.