Exercise 9-15 {Algo} Flexible Budget Performance Report in a Cost Center [LOB-1, LOB-2, LOB-3, LOB-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 exible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Forrlulas Direct labor $16.4:Bq Indirect labor $4,333 + $1.334] Utilities $5,131}! + MSW Supplies $1,536 + $6.2m Equipment depreciation $18,333 + $2.6'Bq Factory rent $8,233 Property taxes $2,533 Factory administration $13,536 + $6.966; The Production Department planned to work 4,000 laborhours in March; however, it actuallyr worked 3,800 laborhours during the month. its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 63,923 Indirect labor $ 9,133 Utilities $ 7,493 Supplies $ 2,513 Equipment depreciation $ 23,133 Factory rent $ 3,633 Property taxes 5 2,563 Factory administration $ 16,433 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's exible budget for the month. 3. Prepare the Production Department's flexible budget performance report for l'illarchr including both the spending and activityr 1.rarrances. \fRequired 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