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: Cont Yormula Utilities $16.100 + $0.11 per machine-hour Maintenance $39,000 - $1.90 per machine-hour Supplies $0.90 per machine-hour Indirect labor 595,000 - $1.20 per machine-hour Depreciation 567,700 Actual cost in March 520,320 574,600 $ 19,500 5122,300 $ 69,400 During March, the company worked 20,000 machine-hours and produced 14,000 units. The company hod originally planned to work 22,000 machine hours during March Required: 1. Calculate the activity variances for March 2. Calculate the spending variances for March FAB Corporation Activity Variances For the Month Ended March 31 Utilities Maintenance + Supplies Indirect labor Depreciation Total FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total