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 Cost Formulas $16.40q $4,400 +$1.50q Supplies $5,700 +$0.40q $1,800+ $0.30q Equipment depreciation. Factory rent $18,300+ $2.50q $8,100 $2,800 Property taxes Factory administration $13,200 + $0.80q The Production Department planned to work 4,200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March $ 67,200 $9,880 $ 7,770 $ 3,270 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: $ 28,300 $ 8,500 $ 2,800 $ 15,790 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. 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 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 3 > 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., zero variance). Input all amounts as positive values. Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Flexible Budget Labor-hours 4,000 Direct labor $ 67,200 Indirect labor 9,880 Utilities 7,770 Supplies 3,270 Equipment depreciation 28,300 Factory rent 8,500 Property taxes 2,800 Factory administration. 15,790 Total expenses $ 143,510 < Required 2 Required 3> Planning Budget