Exercise 9-15 (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: Cost Formulas Direct labor $16. 10q Indirect labor $4, 100 + $1.50q Utilities $5,300 + 30.40q Supplies $1, 500 + 30.40q Equipment depreciation $18, 500 + $2.50q Factory rent $8, 208 Property taxes $2, 408 Factory administration $13, 800 + 50.70q 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: Actual Cost Incurred in March Direct labor $ 69, 160 Indirect labor $ 9, 880 Utilities 7,450 Supplies 3,478 Equipment depreciation $ 29, 098 Factory rent 8, 608 Property taxes $ 2,406 Factory administration $ 16, 110 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 the tabs below. Required 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 Required 1 Required 2 >Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. 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 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.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Planning Results Budget Budget Labor-hours 4,200 Direct labor 69,160 Indirect labor 9.880 Utilities 7,450 Supplies 3,470 Equipment depreciation 29,000 Factory rent 8,600 Property taxes 2,400 Factory administration 18,110 Total expense $ 146,070