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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: The Production Department planned to work 8,000 labor-hours in March; however, it actually worked 8,400 labor-hours during the month. Its actual costs incurred in March are listed below: Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense items. Complete this question by entering your answers in the tabs below. Prepare the Production Department's planning budget for the month. \begin{tabular}{|l|} \hline \multicolumn{2}{|l|}{ Packaging Solutions Corporation } \\ Production Department Flexible Budget \\ \hline \multicolumn{1}{|c|}{ For the Month Ended March 31} \\ \hline Direct labor \\ \hline Indirect labor \\ \hline Utilities \\ \hline Supplies \\ \hline Equipment depreciation \\ \hline Factory rent \\ \hline Property taxes \\ \hline Factory administration \\ \hline Total expense \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Packaging Solutions Corporation } \\ \hline \multicolumn{5}{|c|}{ Spending Variances } \\ \hline \multicolumn{5}{|c|}{ For the Month Ended March 31} \\ \hline & \multicolumn{2}{|c|}{\begin{tabular}{l} Actual \\ Results \end{tabular}} & Spending Variances & \begin{tabular}{l} Flexible \\ Budget \end{tabular} \\ \hline Labor-hours & & 8,400 & & \\ \hline Direct labor & $ & 134,730 & & \\ \hline Indirect labor & & 19,860 & & \\ \hline Utilities & & 14,570 & & \\ \hline Supplies & & 4,980 & & \\ \hline Equipment depreciation & & 54,080 & & \\ \hline Factory rent & & 8,700 & & \\ \hline Property taxes & & 2,100 & & \\ \hline Factory administration & & 26,470 & & \\ \hline Total expense & $ & 265,490 & & \\ \hline \end{tabular} Required 2