Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and fled ble budget for the Production Department sre based on the following formules, where is the number of Isbor-hours worked in a month Cost Formulas Direct labor $16.10 Indirect labor $4,400$. utilities $5,600 $0.784 Supplies $1,700 + $0.00 Equipment depreciation $18,300 $2.990 Factory rent 58,10 Property taxes $2,70 Factory dinistration $13,200 + $0. The Production Department planned to work 4,200 labor-hours in March, however, it actually worked 4,000 Isbor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 65,00 Indirect labor $ 10, utilities $ 8,930 Supplies $ 3,500 Equipment depreciation $ 20,00 Factory rent Property taxes $ 2,700 Factory adsinistration $ 14,95 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 sctivity variances Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Bolutions Corporation Production Department Planning Budget For the Month Ended Maroh 31 Direct labor Indirect labor Ultes Supplies Equipment depreciation Factory ront Property taxes Factory administration Total expense $ 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 S 0 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 Results Budget Budget Labor-hours 4,000 S 65.940 Direct labor Indirect labor Utilities 10,300 8.930 3,590 Supplies Equipment depreciation Factory rent Property taxes Factory administration 29,900 8,500 2,700 14,950 Total expense S 144,810