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 is the number of labor-hours worked in a month Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.409 $4,200 + $2.004 $5,600 + $0,304 $1,400 + $0.38g $18,600 53.109 $3,300 $3.000 $13,400 + $0.709 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: Direct labor Indirect Labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 68,540 $ 11,980 $9.430 $2,900 $ 31,310 $ 3,700 $cee 5 15,640 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 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 S Total expense 0 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 expense $ 0 Prepare the production Department's flexible budget performance report for March, including both the spending and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e.. zero variance). Input all amounts as positive values.) Packaging Solutions Corporatie, Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Results Budget 4.100 Planning Budget Labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 68,840 11,980 9,430 2,900 31,310 8.700 3.000 15.640 S 151.800