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: Cost Formalan Direct labor $16.500 Indirect labor $4,600 + $1.400 Utilities $5,200 + $0.800 Supplies $1,500 + $0.209 Equipment depreciation $18,700 + 52.900 Factory rent $8,300 Property taxes $2,700 Factory administration $13,200 + 30.600 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. Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Tactory administration Actual cost Incurred in March $ 67,620 $ 9,660 $ 8,950 $ 2,550 $ 30,300 $ 8,700 $ 2,700 $ 14,950 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month 3. Calculate the spending variances for all eynosa tom Saved Enabled: Ch 9 Quiz - 10 pts 3. Calculate the spenaing vanances for all expense items. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 55:42 Prepare the Production Department's planning budget for the month. pok 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 Remus Complete this question by entering your answers in the tabs b Required 1 Reqyired 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 Total expense Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (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.) Flexible Budget Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Results Spending Variances Labor-hours 4,000 Direct labor $ 67,620 Indirect labor 9,660 Utilities 8,950 Supplies 2,550 Equipment depreciation 30,300 Factory rent 8,700 Property taxes 2,700 Factory administration 14,950 Total expense $ 145,430