Problem 9-23 (Algo) Flexible Budgets and Spending Variances [LO9-1, LO9-2] You have Just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you revlew the company's 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 flexlble budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Durlng March, the company worked 22,000 machine-hours and produced 16,000 unlts. The company had orlginally planned to work 24,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending varlances for March. Complete this question by entering your answers in the tabs below. Prepare a flexible budget for March. (Input all amounts as positive values.)