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 $16,100 + $0.12 per machine-hour $ 20,180 Maintenance $38,000 + $1.80 per machine-hour $ 66,000 Supplies $0.40 per machine-hour $ 7,400 Indirect labor $94,900 + $1.40 per machine-hour $ 122,400 Depreciation $68,100 $ 69,800 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. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Lupicie luis questivii Dy ciileilly yuui aliswi 11 IS Required 1 Required 2 eBook Prepare a flexible budget for March. (Input all amounts as pos Print ferences FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utilities Maintenance Supplies Indirect labor Depreciation Total