Exercise 9-14 (Algo) Flexible Budget Performance Report in a Cost Center [LO9-1, LO9-2, LO9-3, LO9-4] 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 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Cost Formulas $16.200 $4,500 $1.90g $5,300 + $0.600 $1,600+ $0.300 $18,500 +$3.00 Property taxes Factory administration $8,400 $2,900 $13,300 + 50.600 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 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Actual Cost Incurred in March 564,740 $ 11,470 58,150 $ 3,040 $ 30,200 $8,000 $2,000 $ 14,990 Factory administration Required: 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. Complete this question by entering your answers in Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for th 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 + Required 1 Required 2 Required 3 Prepare the Production Department's flexible bud 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 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and ac variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "u" for unfavorable, and "None" for no effect 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 $ 64.740 Indirect labor 11,470 Utilities 8.150 Supplies 3,040 Equipment depreciation 30.200 Factory rent 8,800 Property taxes 2,900 Factory administration 14,990 Total expense $ 144.290