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 $16.30q Indirect labor $4, 200 + $2. 10q Utilities $5, 200 + 30.40q Supplies $1, 500 + 30. 20q Equipment depreciation $18, 100 + $2.50q Factory rent $8, 460 Property taxes $2,708 Factory administration $13, 808 + 30. 80q The Production Department planned to work 4,000 labor-hours In March; however, It actually worked 3,800 labor-hours during the month. Its actual costs Incurred In March are listed below: Actual Cost Incurred in March Direct labor $ 63, 520 Indirect labor $ 11, 780 Utilities 7, 190 Supplies 2,510 Equipment depreciation $ 27, 608 Factory rent 8, 809 Property taxes 2,708 Factory administration $ 16,238 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 Complete this question by entering your answers in the tabs below. 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 Complete this question by entering your answers in the tabs below. 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 3,800 Direct labor $ 63,520 Indirect labor 11,780 Utilities 7,190 Supplies 2,510 Equipment depreciation 27.600 Factory rent 8,800 Property taxes 2,700 Factory administration 16,230 Total expense $ 140,330