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 q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Cost Formulas $15.800 $8,200 +$1.600 $6,400 +$0.80 Supplies $1,100 $0.409 Equipment depreciation $23,000 $3.700 Factory rent $8,400 $2,100 $11,700 $1.900 Property taxes Factory administration The Production Department planned to work 8.000 labor-hours in March, however, it actually worked 8,400 labor-hours during the 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 $134,730 $ 19,860 $ 14,570 4,988 54,080 $ 8,700 $ 2,100 $ 26.470 Required: 1 Prepare the Production Department's planning budget for the month 2. Prepare the Production Department's feble 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 Required 2 Required 3 ces 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 Actual labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 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 Actual labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 69 0 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" fo variance). Input all amounts as positive vales.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Labor-hours Actual Results 8,400 Direct labor $ 134,730 Indirect labor 19,860 Utilities 14,570 2 Supplies 4,980 Equipment depreciation 54,080 None Factory rent 8,700 3 U Property taxes 2,100 None Factory administration. 26,470 Total expense $ 265.490