5 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 is the number of labor-hours worked in a month 10 points Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas 316.40 54,600 + 52.00 55,700 + $0.709 $1,600 + 50.30 $18,100 - $2.700 $0,100 $2,700 $13,600 50.600 eBook Print The Production Department planned to work 4.200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month its actual costs incurred in March are listed below References Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March 5 67,200 5 12.100 59,00 $ 3,070 5.28,900 $ 8,500 $ 2,700 315,350 Required: 1. Prepare the Production Department's planning budget for the month 2. Prepare the Production Department's flexible budget for the month 3. Prepare the Production Department's flexible budget performance report for March including both the spending and activity variances Complete this question by entering your answers in the tabs below. Book Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Print Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 erences Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 5 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 0 $ 5 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spe variances 10 Doints Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Print References Prepare the Production Department's flexible budget performance report for March, including both the spending an variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Planning Budget Budget Labor-hours 4,000 Results $ 67,200 12,180 9,030 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 3,070 28,900 8,500 2,700 15 350 $ 146.930 Total expense