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 is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16. 109 $4,200 + $1.609 $5,600 + $0.709 $1,200 + $0.109 $18,800 + $2.600 $8,200 $2,700 $13,500 + $0.600 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 Equipment depreciation Factory re Property taxes Factory administration Actual Cost Incurred in March $ 69, 160 $ 10,420 $ 9,070 $ 1,850 $ 29,720 $ 8,600 $ 2,700 $ 15,370 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 Prepare the Production Department's planning bu 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 Required 1 Required 2 Required 3 Prepare the Production Department's flexible 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 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for n 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 4,200 $ 69,160 Planning Budget Labor-hours Direct labor Indirect labor 10,420 Utilities Supplies Equipment depreciation 9,070 1,850 29,720 Factory rent 8,600 Property taxes 2,700 Factory administration 15,370 Total expense $ 146,890