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: Required 1 Required 2 Required 3 Prepare the Production Department's plannir! Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.50 $4,400 + $2.000 $5,700 + $0.409 $1,800 + $0.30q $18,500 + $2.909 $8,500 $2,500 $13,700 + $0.90 Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 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: Direct labor Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 72,570 $ 12,580 $ 7,890 $ 3, 360 $ 30,970 $ 8,900 $ 2,500 $ 16,980 Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 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 Required 1 Required 2 Required 3 Prepare the Production Department's flexib 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 (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 Flexible Results Budget 4,300 Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Planning Budget Labor-hours Direct labor $ Indirect labor Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 72,570 12,580 7,890 3,360 30,970 8.900 2,500 16.980 Utilities Supplies Equipment depreciation Factory rent Property taxes $ 155,750