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Ques 02: 15 points 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: Direct labor Indirect labor Utilities Supplies ..... Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $15.809 $8,200 + $1.600 $6,400 + $0.800 $1.100 + $0.409 $23,000 + $3.709 $8.400 $2,100 $11.700 + $1.909 The actual costs incurred in March in the Production Department are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $134.730 $19,860 $14,570 $4.980 $54,080 $8,700 $2,100 $26,470 The company had budgeted for an activity level of 8.000 labor-hours in March, and actually worked 8,400 labor-hours in March. REQUIRED a. Prepare a detailed performance report for the Production Department of Packaging Solutions Corporation. b. Explain the possible reasons of discrepancies and suggest the necessary actions/measurements the higher authority may take against the identified discrepancies. Do you think any of the variances in the report you prepared needs more attentions? Why? c