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: The Production Department planned to work 4,500 labor-hours in March; however, it actually worked 4,300 labor-hours during the month. Its actual costs incurred in March are listed below: 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. Prepare the Production Department's planning budget for the month. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Packaging Solutions Corporation } \\ \hline Production Department Flexible Budget \\ \hline \multicolumn{1}{|c|}{ For the Month Ended March 31} \\ \hline & \\ \hline & \\ \hline Direct labor & \\ \hline Indirect labor & \\ \hline Utilities & \\ \hline Supplies & \\ \hline Equipment depreciation & \\ \hline Factory rent & \\ \hline Property taxes & \\ \hline Factory administration & \\ \hline Total expense & \\ \hline \end{tabular} 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.)