6 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: points Direct labor Indirect labor Utilities Supplies eBook Cost Formulas $16.10g 2 Ask Print Equipment depreciation. Factory rent Property taxes Factory administration $4,300 $1.50g $5,500 + $0.80g $1,400 + $0.40g $18,100 $2.60g $8,100 $2,700 $13,100 $0.70g The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: References Direct labor Actual Cost Incurred in March $ 64,330 Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: $ 9,630 $ 9,170 $ 3,250 $ 28,240 $ 8,500 $ 2,700 $ 15,200 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. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the n Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 69 $ 0 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 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Labor-hours 3,900 Direct labor $ 64,330 Indirect labor 9,630 Utilities 9,170 Supplies 3,250 Equipment depreciation 28,240 Factory rent 8,500 Property taxes 2,700 Factory administration 15,200 Total expense $ 141,020 Flexible Budget Planning Budget