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: Cost Formulas Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $16.10q $4,400 $1.30g $5,400$0.60q $1,400 +$0.30g $18,500 $3.10g $8,500 $2,900 $13,400 $0.60q 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 67,550 $ 9,170 $ 8,370 $2,900 $31,210 $ 8,900 $ 2,900 $ 15,210 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 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 1Required 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 2 Required 1 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 Required2 Required 3 Required 1 Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance) Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Flexible Budget Planning Budget 4,100 Labor-hours $67,550 9,170 8,370 2,900 31,210 8,900 2,900 15,210 $ 146,210 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense K Required 2 Required3