Packaging Solutions Corporation manufactures and selis a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Deportment are based on the following formulas, where q is the number of labor-hours worked in a month: The Production Department planned to work 4,200 lobor hours in March; howevec, it actualiy worked 4,000 labor-hours during the month. its actual 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 budjet for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and actwity variances: Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Note: Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Show less A Prepare the Production Department's planning budget for the month. Prepare the Production Department's flexible budget for