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 g is the number of labor-hours worked in a month: 8 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.609 $4,000 + $1.309 $5,300 + $0.60g $1,700 + $0.209 $18,100 + $2.409 $8,400 $2,600 $13,600 + $0.809 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 Cost Incurred in March Direct labor $ 73,020 Indirect labor $ 9,030 Utilities $ 8,390 Supplies $ 2,810 Equipment depreciation $ 28, 420 Factory rent $ 8,800 Property taxes $ 2,600 Factory administration $ 16,430 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. 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 depreciation Factory rent Property taxes Factory administration Total expenso $ 0 Complete this question by entering your answe Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for 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 $ 0 variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Results Budget 4,300 Planning Budget Labor-hours $ 73,020 9,030 8,390 2,810 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 28,420 8,8067 2,600 16,430 $ 149,500