Completing a Master Budget [LO7-2, L07-4, LO7-7, LO7-8, LO7-9, LO7-10] You work at a manufacturing plant and your supervisor has requested that you review the company's costing system because the company trying to better understand and control their costs. The schedules below include the cost formulas your company uses to create their flexible budget Cost $16,600 plus $0.18 per machine- $38,800 plus $2.00 per machine- Actual Costs in March Utilities Maintenance $76,600 Utilities $ 22,360 Maintenance Supplies Indirect labor Depreciation hour 50.30 per machine-hour $95,000 plus $1.50 per machine- $67,800 Supplies $6,400 Indirect Depreciation 69,500 $128,900 During March, the company actually worked 20,000 machine-hours and produced 14,000 units. The company had originally planned to work 22,000 machine-hours during March. Req1 Prepare a flexible budget for March: Prepare a report showing the spending variances for March. Be sure to calculate the total spending variance as well. Indicate whether each individual variance and the total spending variance is favorable or unfavorable. After calculating the numerical variances, provide a brief explanation of your variances, including a discussion of which variances should be further Req 2