Check my w 2 10 Doints References 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: Cost Formulas Direct labor $16.500 Indirect labor 54,700 + $2.000 Utilities $5,700 - 50.489 Supplies Equipment depreciation 51,800 - $0.204 Factory rent $18,400 $2.600 58.606 Property taxes $2,400 Factory administration $13,500 + $0.B The Production Department planned to work 4,100 labor hours in March, however, it actually worked 3.900 tabor hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 65,970 Indirect labor $12,080 Utilities $ 7,730 Supplies $ 2,830 Equipment depreciation $28,540 Factory rent $ 9.00 Property taxes $ 2.400 Factory administration $ 16,010 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. Required 1 Required 2 Required 3 Calculate the spending variances for all expense Items. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Flexible Budget Labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Results Spending Variances 3,900 $ 65,970 12,080 7,730 2.830 28,540 9,000 2,400 16,010 $ 144,560 complete this question by entering your answers in the tabs below. Requited 1 Required 2 Required 3 Prepare the production Department's planning budget for the month. 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 $ 0