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 Formulas $16.209 Direct labor Indirect labor Utilities $4,700+ $1.389 $5,400+ $0.709 $1,600+ $0.309 Supplies $18,800 + $3.009 Equipment depreciation Factory rent $8,200 Property taxes $2,500 Factory administration $13,100+ $0.80q The Production Department planned to work 4.100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below. Actual Cost Incurred in March Direct labor $ 64,740 Indirect labor $ 9,210 Utilities $ 8,660 Supplies $ 3,040 $ 30,500 Equipment depreciation Factory rent $ 8,600 Property taxes $ 2,500 Factory administration $ 15,610 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. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. 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 S 0 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 $ 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 Results Flexible Budget Planning Budget Labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 3,900 64,740 9,210 8,660 3,040 30,500 8,600 2,500 15,610 $ 142,860 $