3 You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget and you suggest that preparing such a budget would be an excellent first step in overhead planning and control After much effort and analysis, you determoed the following cost formulas and gathered the following actual cost data for March Actual utilities Maintenance Supplies Indirect labor Depreciation Cost Formula 516,000. 10.15 per machine hour $39.000 $1.50 per machine-hour 50.30 per machine hour 594,000 $1.50 per machine hour 567.900 Cost in March $ 21,220 5 61,100 55,500 $120,5 $19.00 During March the company worked 17000 machine hours and produced 11,000 units. The company had originally planned to work 19.000 machine hours during Match Required: Calculate the activity variances for March 2 Calculate the spending vanances for March 3 Required: 1. Calculate the activity variances for March 2. Calculate the spending variances for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the activity variance for March (Indicate the effect of each variance by selecting "F" for favorable, "U" for untavorable, and "one" for no effect ( zero variance), Input all amounts as positive values.) FAB Corporation Activity Variances For the Month Ended March 31 Uti Maintenance Supplies U Indirect labor u Deprecation Total Required: 1. Calculate the activity vatlances for March 2 Calculate the spending variances for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the spending variances for March (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e. zero variance). Input all amounts as positive values.) FAB Corporation Sponding Variances For the Month Ended March Utilities U Maintenance F Supplies U Indirect labor U Depreciation Total 0