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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 formulss, 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 $4,780 - $2.189 $5,300 + $0.484 $1,700 + 30.484 $18.800 - $2.989 $8.18 $2,800 $13,400 + $0.Ge The Production Department planned to work 4.300 lobor-hours in March; however, it actually worked 4.100 lsbor-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 Factory administration Actual Cost Incurred in March $ 67,982 $ 12,910 $ 7,410 $ 3,630 $ 30,690 $ 8,500 $ 2.800 $ 15,210 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 Merch, 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 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 (.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 Flexible Results Budget 4,100 Planning Budget 4,300 Labor hours $ 67.980 S69,660 13,730 7,020 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 12.910 7.410 3.630 30.690 8.500 3,420 31.270 8.100 2.800 15.210 149.130 2.000 15.960 S 151.980 S