Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning budget and flexible budget are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Cost Formulas $16.609 $4,500 + $1.50q $5,100 + $0.709 $1,700+ $0.309 $18,600 + $2.509 Property taxes Factory administration $8,100 $2,500 $13,400 + $0.909 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 Incurred in March $ 69,700 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: $ 10,130 $ 8,500 $ 3,200 $ 28,850 $ 8,500 $ 2,500 $ 16,500 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. Complete this question by entering your answers in the tabs below. 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 depreciation Factory rent Property taxes Factory administration Total expenses $ 0 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 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expenses 0 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., z variance). Input all amounts as positive values. Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Labor-hours 4,100 Direct labor $ 69,700 Indirect labor 10,130 Utilities 8,500 Supplies 3,200 Equipment depreciation 28,850 Factory rent 8,500 Property taxes 2,500 Factory administration Total expenses 16,500 $ 147,880 Flexible Budget Planning Budget