Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and exible budget for the Production Department are based on the following formulas, where qis the number of laborhours worked in a month: Direct labor Indirect labor Cost Formulas $15.2eq $4,193 + 51.39;; Utilities $5,000 + $o.:r'sq Supplies $1,486 + $8.26q Equipment depreciation $18,400 + $2.66q Factory rent $3,160 Property taxes $3,080 Factory administration $13,286 + $8.?Bq 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 5 54,?49 Indirect labor 5 10,660 Utilities $ 3,259 Supplies $ 2,436 Equipment depreciation 5 28,549 Factory rent $ 8,566 Property taxes $ 3,669 Factory administration 5 15,360 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's exible 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. Property taxes 5. 3,600 Factory administration $ 15,309 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. Complete this queson by entering your answers in the labs below. Required 1 Required 2 Required 3 Prepare the Production Department's exible 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,r and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Laborhours Direct la bor Indi rect labor Utilities Supplies Equipment depreciation Factory rent Properly taxes Factory administration Total expense