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: Cost Formas Direct labor $16.209 Indirect labor $4,500 $1,404 Utilities $5,300 - 50.40 Supplies $1,400 + $0.10 Equipment depreciation $18,300 $2.500 Factory rent 58,100 Property taxes $2.600 Factory administration $13,000 - 50.600 The Production Department planned to work 4.300 labor-hours in March: however, it actually worked 4 100 labor-hours during the month its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor Indirect labor $ 67,980 $ 9,700 $7,410 52,940 $ 25,550 $ 8,500 $2,600 $ 15,610 Equipment depreciation factory.rent Property tas Factory dinistration 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 Requirad 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 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 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending a variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for 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 4.100 Planning Budget Labor hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 67 980 9,700 7.410 2,040 28.550 8,500 2.600 15.610 $ 142,390