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 $16.40 $4,100 + $1.889 $5,400 + $0.709 $1,600 + $0.389 $18, 100 + $2.709 $8,400 $2,700 $13,300 + $0.500 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: Actual Cost Incurred in March Direct labor $ 70,480 Indirect labor $ 11,200 Utilities $ 8,870 Supplies $3,130 Equipment depreciation $ 29,440 Factory rent $ 8,800 Property taxes $ 2,700 Factory administration $ 14,730 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 Required 1 Required 2 Required 3 Prepare the Production Department's planning budg 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 budget 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 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Results Flexible Spending Variances Budget Labor-hours 4,200 $ Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 70,480 11,200 8,870 3.130 29,440 8,800 2,700 14,730 149,350