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. Dints After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: eBook Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $17,000 + $0.18 per machine-hour $39,000 + $2.10 per machine-hour $0.40 per machine-hour $94,700 + $2.10 per machine-hour $67,700 Actual Cost in March $ 21,680 $ 66,400 $ 6,200 $129,200 $ 69,400 Print References 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. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. points Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook Prepare a flexible budget for March. (Input all amounts as positive values.) Print FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours References Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1 Required 2 > Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. points Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook 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 (i.e., zero variance). Input all amounts as positive values.) Print a References FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total