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 $16.30q $4,100 $1.90q $5,500+ $0.50g $1,500 $0.20q $18,500 $2.80g $8,400 $2,700 $13,700 $0.80q Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 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: Actual Cost Incurred in March 70,040 $ 11,640 $ 8,090 $ 2,590 s 30,260 $ 8,800 $ 2,700 $16,450 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 Required 1Required 2 Required 3 Prepare the Production Department's planning 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 0 Total expense Required 1Required 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 0 Total expense Required 1Required 2 Required 3 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 Flexible Planning Budget Budget Results 4,200 Labor-hours $ 70,040 Direct labor Indirect labor 11,640 8,090 Utilities 2,590 Supplies 30,260 Equipment depreciation Factory rent 8,800 Property taxes 2,700 Factory administration 16,450 $ 150,570 Total expense