Exercise 9-15 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 depertment. 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: $16.60g 4,500+$1.60g Direct labor Indirect labor Utilities Supplies Equipment depreclation Factory rent Property taxes Factory administration $5,800+$0.70q 1,300 $0.40g $8,500 $3,000 13,400 +$0.70g The Production Department planned to work 4,500 labor-hours in March: however, it actually worked 4,300 labor-hours during the month. Its actual costs incurred in March are listed below Direct labor Indirect labor utilitiers Supplies Equipment depreciation Pactory rent Property taxes Factory adninistration Actual cost Incurxed in March $73,020 $10,880 9,340 3,310 $29,280 8,900 $3,000 $15,780 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