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 q 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 $16.204 $4,600 + $1.609 $5,400 + $0.609 $1,700 + $0.209 $18,100 + $3.009 $8,400 $2,700 $13,400 + $0.809 The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 63,120 $ 10,180 $ 8,190 $ 2,710 $ 29,500 $ 8,800 $ 2,700 $ 15,830 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 Required 1 Required 2 Required 3 Prepare the Production Department's pla Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Budgeted labor-hours 4,000 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 8,400 2,700 Total expense 11,100 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 Prepare the Production Department's flexible budget performance report for March, including both the spendi variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None 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 3,800 Planning Budget Labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 63,120 10,180 8,190 2,710 29,500 8,800 2,700 15,830 $ 141,030