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 $16.589 $4,200 + $2.189 $5,400 + $0.389 $1,500 + $0.109 $18,500 + $2.5eq $8,300 $2,400 $13,300 + $0.69 The Production Department planned to work 4.400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 70,92e $ 12.620 $ 7,11e $ 2.150 $ 29, eee $ 8,700 $ 2,40e $ 15,170 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 Complete this question by entering your answers Required 1 Required 2 Required 3 Prepare the Production Department's planning budget fo 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 Copct ura Required 1 Reqqired 2 Required 3 Prepare the Production Department's flexible buc 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