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: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Tactory administration Coat Formulas $16.500 $4,600 + $1.500 $5,500 + $0.409 $1,300 + 50.309 $18,000 + $3.000 58,600 $2,900 $13,100 + $0.900 The Production Department planned to work 4.500 labor hours in March; however, it actually worked 4,300 labor hours during the month. Its actual costs incurred in March are listed below: Actual cont Incurred in March Direct labor $ 72,570 Indirect labor $ 10,530 Utilities Supplies $ 2.860 Equipment depreciation $ 30,900 Factory rent $ 9.000 Property taxes $ 2,900 Factory administration $16,380 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 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciatich Factory rent Property taxes Factory administration Total expense $ 0 Required 2 > 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 3 Prepare the production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 as Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 0 2. riepareure rruuuuuurepGLIE CAIVIC vuuyen vu HR. 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 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 cl.e., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Planning Results Budget Budget Labor-hours 4,300 $ Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 72,570 10,530 7,690 2.860 30,900 9.000 2.900 Total expense 16,380 $ 152.830 Required 2