Corporation, the manufacturer of a revoludoriary You have just been hired by FAB has asked that you review the company's costing system and do what you can to help us get better control of our overhead costs" You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be manufacturing an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data fo Actual Cost in 20,140 //.61, Cost Formula March $16,300 plus se.12 pen machine hour $38,608 plus $1.70 per Utilities Maintenance/machine houn Supplieslse 78/per/machine- hourSla,700 Indirect labor $94,180 plus $i.98/per machine hour 127,300 69,400 Depreciation/ $67,790 oduced 9,000 units. The company had originally planned to work During March, the compony worked 1 17,000 machine-hours Guring Mareh During March, the company worked 15,000 machine-hours and produced 9,000 units. The company had originally planned to work 17000 machine-hours during March. Required 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March