Packaging Solutions Corporstion manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexble budget for the Production Department are based on the following formulas where is the number of labor hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.289 $4, 300 - $1.909 $5,700 - 50.79 $1,500 - $8.209 $18.600 + $2.5 $8.50 $2,700 $13,50 + $8.5g The Production Department planned to work 4,400 lsbor-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 Direct labor $69,600 Indirect labor $11,840 Utilities $ 9,170 Supplies $ 2,500 Equipment depreciation $29,100 Factory rent $ 8,900 Property taxes $ 2,700 Factory administration $14,930 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 Prepare the production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Actualbor hours Direct labor Indirect labor Us Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense S Required 1 Required 2 Required 3 Prepare the production Department's fled ble budget for the month Packaging Solutions Corporation Production Department Flodble Budget For the Month Ended March 31 Direct labor Us Supplies Equipment depreciation Factory rent Property taxes Factory administration Total experte S 0 Required Required 2 Required Prepare the production Department's fled ble budget performance report for March, including both the spending and activity variances. (Indicate the effect of each variance by selecting "p" for favorable, "U" for unfavorable, and "Hone' for no effect (Le., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Endod March 31 Actual Flexible Planning Results Budget Budget Laborhous 4,200 Direct labor Indirect labor Ulities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total experte $ 69,500 11,840 9,170 2.590 29,100 2,900 2.700 14,920 $ 148,830