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 excelent 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 Marche Actual Cost in $ 21,500 Coat Formula $16,700 - $0.20 per Ulities machine-hour $38,100 - $1.60 per Maintenance machine-hour Supplies $0.50 per machine-hour Indirect $94,600 - $2.00 per Labor machine-hour Depreciation $68,400 $ 55,900 $ 7,300 $125,500 $ 70,100 During March, the company worked 13,000 machine-hours and produced 7,000 units. The company had originally planned to work 15,000 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. Required Required Prepare a flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March Machine-hours Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1 Required 2 >