Acompany manufactures and sells a wide variety of 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: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Tactory administration Cost Formulas $16.204 $4,200 1.809 55,400.50.60 $1,400 - $0.304 $18,400 - $2.504 $0,100 $2,900 $1), 400 - 50.000 The Production Department planned to work 4.400 labor hours in March; however, it actually worked 4.200 labor hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Tactory rent Property taxes Tactory administration Actual Cost Incurred in March $69,600 $11,300 $ 6,450 $ 2,930 $ 20,900 $ 3,500 $ 2.900 $ 16,150 Required 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. Required 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.) The Company Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Results Budget 4200 Planning Budget Labor hours $ 69.600 11.300 8.430 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 2.930 28.900 8.500 2.900 16,150 $ 148.710 RES