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 a is the number of labor-hours worked in a month: Cost Formulas Direct labor $16.404 Indirect labor 54,100 - $2.000 Utilities $5,600 + $0.500 Supplies $1,200 + $0.204 Equipment depreciation $18.300 + $2.500 Factory rent 58,500 Property taxes $3,000 Factory administration $13,500 + $0.500 The Production Department planned to work 4,300 labor hours in March; however, it actually worked 4,100 labor hours during the month. Its actual costs incurred in March are listed below: Actual cost Inourred in Mareh Direct labor $ 60,840 Indirect labor $.11.880 Utilities $ 8,140 Supplies $ 2,270 Equipment depreciation 5 28.550 Factory rent $ 8,900 Property taxes $3,000 Factory administration $ 14,000 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 es Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget 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