Exercise 9-16 (Algo) Flexible Budgets in a Cost Center (LO9-1, LO9-2] 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 is the number of labor-hours worked in a month: 25 Cost Formulas Direct labor $16.489 Indirect labor $4,400 + $1.789 Utilities $5,700 + $0.709 Supplies $1,800 + $0.389 Equipment depreciation $18,600 + $3.989 Factory rent $8,3ee Property taxes $2,700 Factory administration $13,680 + $8.589 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 Morch are listed below. Actual Cost Incurred in March Direct labor $ 63,920 Indirect labor $ 10, 380 Utilities $ 8,890 Supplies $ 3,210 Equipment depreciation 5 30,000 Factory rent $8,700 Property taxes $ 2,70e Factory administration $ 14,830 Required: 1. Prepare the production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month 3. Calculate the spending variances for all expense items. Complete this question by entering your answers in the tabs below. 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 Red Required 2 >