Prepare the Production Department's flexible budget for the month. 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 Direct labor $16.606 Indirect labor $4,100 + $2.000 Utilities $5,200 + $0.809 Supplies $1,500 + $0.30g Equipment depreciation $18,300 + $2.90g Factory rent $8,100 Property taxes $2,500 Factory administration $13, 300 + $0.B0g Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities 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. Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 66, 380 $ 11,480 $ 8,870 $ 2,940 $ 29, 610 $ 8,500 $ 2,500 $ 15,810 Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 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. 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 (ie, zero variance). Input all amounts as positive values.) 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 Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Results Budget 3,900 Planning Budget Labor-hours Direct labor Indirect labor Utilities R Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Direct labor Indirect labor Utilities Spie Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 66,380 11,480 8,870 2840 2.940 29,610 2 8,500 2,500 15,810 $ 146,090 $ 0