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: Utilities Cost Formula $80.600 + 10. 10 per nachine-hour $40.000 + $1.00 per machine hour $0.30 per machine-hour $130.000 + $0.70 per machine-hour $70.000 Atun Cost in March $ 24.200 78.100 8. 400 149.000 71.500 Supplies Indirect labor Depreciation 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 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) oporation Flexibidget For the Month lnded March 31 Machine hours Utilities After much effort and analysis, you determined the following cost formuas and gathered the following actual cost data for March Actual Cost inch 24 200 Utilities Matrical Supplies Indirect labor Deprecation Cost Forma $20.600 + $0.10 per machine hot $40.000 $1.60 per aschine-hour $0.30 per machine-hour $130.000 + $0.0 per machine-hour $70,000 78, 100 8. 400 149.600 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. 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 1 Required 2 Prepare a report showing the spending variances for March. (Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor