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 Cost Formula March utilities 516,400 plus 50.14 per machine hour $ 21,420 Maintenance $38,300 plus $1.10 per machine hour $ 57,400 Supplies 50.60 per machine-hour $ 13,600 Indirect labor 594,800 plus 51.80 per machine hour $137.100 Depreciation $63,200 $ 69,900 During March the company worked 21,000 machine hours and produced 15,000 units. The company had originally planned to work 23,000 machine-hours during March. 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 Maintenance Supplies Indirect labor Depreciation Total 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 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 (ie, zero variance). Input all amounts as positive values.) FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total