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 compeny 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 March Cost Formula Utilities $20,600 plus $0.10 per Maintenance $40,000 plus 1.60 per Supplies $0.30 per machine-hour 8,400 s24,200 78,100 $149,600 71,500 machine-hour $130,000 plus $0.70 per machine-hour Indirect labor Depreciation $70,000 During March, the company worked 26,000 machine-hours and produced 15,000 units. The company had originally planned to work 30,000 machine-hours during March Required: 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 Required 2 Prepare a report showing the spending varlances 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.) Show lessA Spending Variances Utiities Maintenance Indirect labor De Total tion Required 1 Required 2