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 March Utilities 20,400 Maintenance $ Cost Formula $16,200 plus $0.15 per machine- hour $38,100 plus $1.90 per machine- hour $0.80 per machine-hour $94,600 plus $1.80 per machine- hour $68,100 Supplies 62,300 12,600 124,300 69,800 Indirect labor $ Depreciation $ During March, the company worked 14,000 machine-hours and produced 8,000 units. The company had originally planned to work 16,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Required 1 Required 2 Prepare a report showing the spending variances for March. (Indicate the ef favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance) FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1 Required 2 Prepare a flexible budget for March. (Input all amount FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utilities Maintenance Supplies Indirect labor Depreciation Total