Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepa monthly for each department. The planning budget and flexible budget for the Production Department are based on the follov formulas, where q is the number of labor-hours worked in a month Cost Formulas Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $16.30q $4,700 $1.40q $5,800 $0.600q $1,600 $0.30q $18,400 $2.50q $8,300 $2,800 $13,400 $0.80q The Production Department planned to work 4,300 labor-hours in March; however, it actually worked 4,100 labor-hours during 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 $ 68,410 $ 9,900 $ 8,770 $ 3,100 $ 28,650 $ 8,700e $ 2,800 $ 16,070 Required 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month 3. Calculate the spending variances for all expense items 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 Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Required 2 Complete this question by entering your answers in the tabs below Required 1Required 2 E Required3 Prepare the Production Department's flexible budget for the month. 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 Required 1 Required 3 Required 1 Required 2Required 3 Calculate the spending variances for all expense items. (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.) Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Results Flexible Budget Spending Variances Labor-hours 4,100 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 68,410 9,900 8,770 3,100 28,650 8,700 2,800 16,070 S 146,400 Required 2 Required 3