Exercise 9-16 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 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.689 $4,400 - $2.009 $5,500 + $0.900 $1,700 + $0.200 $18, 109 + $3.109 $8,400 $2,800 $13,100 + $0.709 The Production Department planned to work 4.200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 68,040 Indirect labor $ 11,980 Utilities $ 9,670 Supplies $ 2,750 Equipment depreciation $ 30,500 Factory rent $ 8,800 Property taxes $ 2,800 Factory administration $ 15,270 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. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for th 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 Complete this question by entering your answers in the Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the mc 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