You have just been hired by FAB Corporation, the manufacturet of a revolutionary new garage doot opening device. The president has asked that you review the company's costing system and "do what you can to help us get better contiol 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: During March, the company worked 19.000 machine-hours and produced 13,000 units. The company had originally planned to work 21000 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 tobs below. Prepare a flexible budget for March. (Input all amounts as positive values.) During March, the company worked 19,000 machine-hours and produced 13,000 units, The company had originally 21,000 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. Prepare a report showing the spending variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.)