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 irn March Cost Formula $16,900 plus $0.18 per machine-hour $38,500 plus $1.80 per machine-hour $0.90 per machine-hour $94,100 plus $2.00 per machine-hour 22,300 $ 68,300 Utilities Maintenance Supplie:s Indirect labor Depreciation $68,200 17,800 $135,000 69,900 During March, the company worked 18,000 machine-hours and produced 12,000 units. The company had originally planned to work 20,000 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 flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1 Required 2