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 Coat Formulan $16.30g Indirect labor Utilities $4,300 $1.30g $5,600 +$0.50g Supplies $1,600 $0.20g Equipment depreciation $18,100 $2.90g Factory rent $8,200 $2,500 $13,200 + $0.80q Property taxes Factory administration The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: $ 65,150 $ 8,810 $ 8,040 $ 2,630 $29,410 $ 8,600 $2,500 $ 15,710 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense items. Required Connect Homework Saved Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense items. 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 expense < Prev 10 of 10 Next 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 < Required 1 Required 3 > Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each varlance 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 Spending Variances For the Month Ended March 31 Actual Results Spending Variances Flexible Budget Labor-hours 3,900 Direct labor $ 65,150 Indirect labor 8,810 Utilities 8,040 Supplies 2,630. Equipment depreciation 29,410 Factory rent 8,600 Property taxes 2,500 Factory administration Total expense 15,710 $ 140,850 < Required 2 Required 3