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Exercise -14 (Static) Flexible Budget Performance Report in a Cost Center [LO9-1, LO9-2, LO9-3, LO9-4] Pacicaging : . ufions Corporation manufactures and sells a wide variefy of packaging products. Performance reports are prepared monthily for ch department The planning budget and flexible budget for the Production Department are based on the following formulas, wh f q is the number of latbor hours worked in a month. The Production Department planned to work 8,000 laborhours in March; however, it actually worked 8,400 labor-thours during the month. its actuaf costs incurred in March are listed 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. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. te thais quistion by entering your answers in the tabs thelow. Production Department's floxible budget performance repont for March, Indeding both the spending and activity variancas. 10unte as pasitive values