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 ind that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excel ent 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 Actual Cost in March $ 20,840 $ 70.300 $ 12,400 $ 122,800 $ .400 Cost Formula $16,100 plus $O.14 per machine-hour $38,700 plus $1.80 per machine-hour $0.60 per machine-hour $94,600 plus $1.30 per machino-hour $67.700 Ublitios Supplies Indiroct abor Deprecation During March, the company worked 19,000 machine-hours and produced 13,000 units. The company had originally planned to work 21,000 machine-hours during March Required 1. Complete the report showing the activity variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Activity Variancos For the Month Ended March 31 Utiites Indirect labor Total 2. Complete the report showing the spending variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) FAB Corporation For the Month Ended March 31 Utiities Supplies Indirect labor Total