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: ed Actua Cost in March 24,200 78,100 $ 8,400 Cost Formula Utilities Maintenance Supplies Indirect labor $130,000 plus $0.70 per nachine-hour 149,600 Depreciation $70,000 $20,600 plus s0.10 per machine-hour $40,000 plus $1.60 per machine-hour $0.30 per machine-hour ok $71,500 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. nces Required: 1. Prepare a flexible budget for March 2. Prepare a report showing the spending variances for March. Complete this question by entering your ansvurs in the tabs below. Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total Required1 Required 2>