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 $16.509 $4,700 + $1.409 $5,700 + $0.709 $1,600 + $0.209 $ 18,600 + $ 2.909 $8,100 $2,800 $13,000 + $0.909 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: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 70,920 $ 10,040 $ 9,170 $ 2,690 $ 30,780 $ 8,500 $ 2,800 $ 16, 190 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. Prepare the Production Department's planning budget for the m 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 $ 0 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 $ 0 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 Results Flexible Budget Planning Budget Labor-hours 4,200 70,920 Direct labor $ Indirect labor 10,040 Utilities 9,170 2,690 Supplies Equipment depreciation 30,780 Factory rent 8,500 Property taxes 2,800 Factory administration 16,190 Total expense $ 151,090 Required 2 Required 3