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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 l'actory rent Property taxes Pactory administration Cost Formulas $16.409 $4,400 - $2.000 $5,500 + $0.400 $1,600 + $0.409 $18.800 - $2.500 58,300 $2,800 $13,800 + $0.804 cos 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: Direct labor Indirect labor Utilities supplies Iquipment depreciation Factory rent Property taxes Factory Administration Actual cont incurred in March 567,200 $11.980 $ 7,570 $ 3,490 $ 20,000 $ 3.700 $ 2,800 5.16,390 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. 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. 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 Band 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 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 Rocuired Pagud25 Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Flexible Results Spending Variances Budget Labor-hours 4,000 $ Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 67,200 11,980 7,570 3,490 28,800 8,700 2,800 16,390 146,930 $