ring 5 eBook Print References You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review 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 flexible 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: Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,300 +$0.16 per machine-hour $38,100 +$1.10 per machine-hour $0.60 per machine-hour $94,400 +$1.10 per machine-hour $68,100 Actual Cost in March $ 20,660 $ 49,500 $9,400 $112,900 $ 69,800 During March, the company worked 14,000 machine-hours and produced 8,000 units. The company had originally planned to work 16,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utilities Maintenanne 14,000 $ 15,400 40 Enol Prou 6 of 6 Next > OMEWORK Utilities Maintenance Supplies Indirect labor Depreciation $16,300 + $0.16 per macnine-nour $38,100 + $1.10 per machine-hour $0.60 per machine-hour $94,400 +$1.10 per machine-hour $68,100 During March, the company worked 14,000 machine-hours and produ 16,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs bel Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values. FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utilities Maintenance Supplies Indirect labor Depreciation Total 14,000 $ 15,400 49,500 Required Utilities Maintenance Supplies Indirect labor Depreciation $16,300 + $0.16 per macnine $38,100 +$1.10 per machine. $0.60 per machine-hour $94,400 +$1.10 per machine- $68,100 During March, the company worked 14,000 machine-ho 16,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for M Complete this question by entering your answers in Required 1 Required 2 Prepare a report showing the spending variances for March. ( favorable, "U" for unfavorable, and "None" for no effect (i.e., Utilities FAB Corporation Spending Variances For the Month Ended March 31 Maintenance Supplies Indirect labor Depreciation Total