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 $16.600 plus $0.18 per Utilities 21.820 $ machine-hour Maintenance $38,400 plus $1.60 per $ 62.600 machine-hour Supplies $0.70 per machine-hour $ 13,100 Indirect $94,300 plus $1.90 per 131,300 labor $ machine-hour Depreciation $67.700 69,400 $ During March, the company worked 17.000 machine-hours and produced 11.000 units. The company had originally planned to work 19.000 machine-hours during March. Required: 1. Complete the report showing the activity variances for March. (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (1.e.. zero varlance). Input all amounts as positive values.) FAB Corporation Activity Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total 2 Complete the report showing the spending variances for March. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le.. zero varlance). Input all amounts as positive values.) FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total