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 Cost Formats $16.184 $4,109 . $1.709 $5,690 + $0.500 $1,300 $0.100 $18,100 $2.864 $1,400 $2,600 $13,000.50.600 Equipment depreciation Factory rent Property taxes Factory administration The Production Department planned to work 4,500 tabor hours in March, however, it actually worked 1,300 tabor-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 Actual Cost Incurred in March $70,770 $ 19,930 $8,240 $1,960 $ 30,140 $8,800 $ 2,600 $ 14,930 Factory administration 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 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 in the tabs below. Required 1 Required 2 Required a Prepare the Production Department planning budget for the month. Packaging Solmans Carparation Production Department Planning Budget for the Month Ended Marcha Direct labor Indirect labor Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the production Department's flexible budget performance report for March, including both the spending and activity variances (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.) notion Production Department Heamloodpel Performance Report For the Moon Endon March Actual Flooltto Planning Budget Labor hours 4300 Direct labor $ 70,770 Indirect labor Utilities 10,930 8.240 1.000 30,140 Supplies quipment depreciation factory ront Property taxes Factory administration 8.800 2,600 14,930 $ 148,370 Total expense