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Exercise 9-14 (Static) Flexible Budget Performance Report in a Cost Center (LO9-1, LO9-2, LO9-3, LO9-4) Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $15.809 $8,200 + $1.609 $6,400 + $0.809 $1,100 + $0.409 $23,000 + $3.709 $8,400 $2,100 $11,700 + $1.909 The Production Department planned to work 8,000 labor-hours in March; however, it actually worked 8,400 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $134,730 $ 19,860 $ 14,570 $ 4,980 $ 54,080 $ 8,700 $ 2,100 $ 26,470 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, including both the spending and activity variances. Complete this question by entering yo Required 1 Required 2. Required 3 10 Prepare the Production Department's planni s Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor $ Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration 129,560 21,320 12,960 4,380 53,340 8,400 2,100 27,280 Total expense $ 259,340 VallancES. Complete this question by entering your answers Required 1 Required 2 Required 3 14:56 Prepare the Production Department's flexible budget for nces Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Budgeted labor-hours 8,000 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ 0 Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March, including both the spending and acl variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no eft variance). Input all amounts as positive values.) Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Flexible Results Budget 8,400 Planning Budget Labor-hours Direct labor $ 134,730 19,860 Indirect labor Utilities 14,570 4.980 Supplies Equipment depreciation Factory rent Property taxes Factory administration 54,080 8,700 2,100 26,470 265,490 Total expense $

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