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. March Direct labor $ 64,740 Indirect labor $ 10,660 Utilities $ 8,260 Supplies $ 2,430 Equipment depreciation $ 28,540 Factory rent $ 8,500 Property taxes $ 3,900 Factory administration $ 15,300 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 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 $ 0March Direct labor $ 64,740 Indirect labor $ 10, 660 Utilities $ 8,260 Supplies $ 2,430 Equipment depreciation $ 28,540 Factory rent $ 8,500 Property taxes $ 3,000 Factory administration $ 15,300 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 question by entering your answers in the tabs below. 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