Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicote the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero varionce). Input oll omounts as positive values. Round "rate per hour" answers to 2 decimol places. You have just been hired by 1AB Corporation, the manutacturer of a revolutionary new garage door opening device. Ine president asked you to review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs" You find the company has never used a flexible budget, and you suggest preparing such a budget would be an excellent first. step in overhead planning and control. After much effort and analysis, you estimated the following cost formulas and gathered the following actual cost data for March: During March, the company worked 22,000 machine-hours and produced 16,000 units. The company originally planned to work 24,000 machine-hours during March. Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. Complete this question by entering your answers in the tobs below. Calculate the activity variances for March. Calculate the spending variances for March. zero variance), Input all amounts as positive values. "Hust can't understand all of these unfavorable variances," Weston complained to the supervisor of another department "When the boss called me in, I thought he was going to give me a pat on the back because I know my department worked more efficiently last. month than ever before. Instead, he tore me apart. I thought for a minute it might be over the supplies that were stolen out of our. warehouse last month. But they only amounted to a couple of hundred dollars, and just fook at this report. Everything is unfavorable " Direct labor wages and supplies are variable costs; supervision and depreciation are fixed costs, and maintenance and utilities are mixed costs. The fixed component of the budgeted maintenance cost is $13,700; the fixed component of the budgeted utilities cost is $13.200 Required: 2 Complete the performance report that will help Mr. Weston's supenors assess how well costs were controlled in the machining department Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavoroble, ond "None" for no effect (i.e., zero voriance). Input all omounts as positive volues