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: Actual Cost in March $21,320 68,300 $ Cost Formula $16,100 plus $0.19 per Utilities machine-hour $38,500 plus $2.00 per Maintenance machine-hour Supplies $0.50 per machine-hour Indirect $94.800 plus $160 per labor machine hour Depreciation $68,300 $ 8,800 124,500 $ 70,000 During March, the company worked 16,000 machine-hours and produced 10,000 units, The company had originally planned to work 18000 machine-hours during March Required: 1. Complete the report showing the activity variances for March Undicate the effect of each variance by selecting "F" for favorable, u for unfavorable, and "None for no effectie. zero variance) Input all amounts as positive values.) FAB Qorporation Activity Variances For the Month Ended March 151 Utilities Maintenance E F Supplies Indirect labor Depreciation Total F 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 effectie. zero variance), Input all amounts as positive values.) FAB Corporation Spending Varances For the Month Ended March 31 Utilities Maintenance Supplies 0 indirect labor Depreciation Total