Exercise 9-16 (Static) Flexible Budgets in a Cost Center [LO9-1, LO9-2] Packaging 5olutions Corporation manufactures and seils a wide waricty of pockaging products. Performance reports are prepared momthly for each department. The planning budget and flexible budget for the Production Department are based on the foltowing formulas, where qis the number of labor haurs worked in a month: The Production Department planned to work 8.000 labor-hours in March, however, it actusly worked 8.400 labon-hours during the month. Its actual costs incurfed in March are listed below. Required: 1. Prepare the Production Department's plarning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense items Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the Production Department's planning budget for the month. Complete this question by entering your answers in the tabs below. Prepare the Production Department's flexible budget for the month. Complete this question by entering your answers in the tabs below. Calculate the spending variances for all expense items. (Indicate the effect of each variance by selecting "F fae favorabie, "u for unfavorable, and "None" for no effect (Ce.4 zero varianice). Input all amounts as positive values.)