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 Marche Cont Formula Utilities $16,900 + 30.12 per machine-hour Maintenance $38,400 + 51.70 per machine-hour Supplies 50.80 per machine-hour Indirect labor $94.400 - $1.40 per machine-hour Depreciation 568,200 Actual Cost in March $ 21,580 $ 73,000 519,000 $120,900 During March, the compariy worked 22,000 machine-hours and produced 16,000 units. The company hod originally planned to work 24,000 machine hours during March Required: 1. Prepare a flexible budget for March 2. Prepare a report showing the spending varionces for March Complete this question by entering your answers in the tabs below. Required: Required 2 Complete this question by entering your answers 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 Machine-hours 22,000 Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1 Required 2 Prepare a report showing the spending variances for March. (Indicate the effect of favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Inpu FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total