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 $16.509 $4,000 + $2.009 $5,400 + $0.709 $1,600 + $0.209 $18,600 + $2.689 $8,200 $2,500 $13,380 + $0.709 The Production Department planned to work 4.200 labor-hours in March; however, it actually worked 4.000 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $67,620 Indirect labor $ 11,580 Utilities $ 8,730 Supplies $ 2,650 Equipment depreciation $ 29,800 Factory rent $ 8,600 Property taxes $ 2,500 Factory administration $ 15,470 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