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: Cost Formulas $16.500 Direct labor 27.08 Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $4,300 +$1.50q $5,100 +$0.60q $1,500 +$0.20q $18,700+ $2.80q $8,000 $2,600 $13,400 +$0.80q The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Actual Cost Incurred in March $ 70,920 $ 10,080 $8,130 $ 2,590 Equipment depreciation Factory rent Property taxes Factory administration Required: $ 30,460 $ 8,400 $ 2,600 $ 16,150 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. 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.