please explain step by step with formula

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the companys costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control After much effort and analyss, you determined the following cost formulas and gathered the following octual cost data for March During March, the compary woiked 14,000 machine hours and produced 8,000 unit. The company had oniganally planreded to work 16,000 machine hours during March Required: 1. Piepare a fiemible budget for March. 2 Prepore a feport showing the spending varances for March. an excellent first step in ovemead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March During March, the company worked 14,000 machine-hours and produced 8,000 units. The company had originally planned to worh 16.000 machine-hours during March. Required: 1. Prepare a flexible budget ior March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Prepare a flexible budget for March. (inpuit all amounts as positive values.) During March, the company worked 14,000 mochine-hours and produced 8,000 units. The company had originally planned to work 16,000 machine-hours during March Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Prepare a report showing the spending variances for March. (Indicate the effect of each variance by selecting tFi for favorable. "o" for unfavorabie, and "None" for no effect (Be., zero variance). (nput all amounts as poeitive valueng.)