Answer and show formulas

Exercise 9-16 (Algo) Flexible Budgets in a Cost Center (LO9-1, LO9-2] 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 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 $16.209 $4,808 + $1.309 $5,6e8 + $0.709 $1,480 + $0.109 $18,400 + $3.009 $8,500 $2,800 $13,208 + $0.709 The Production Department planned to work 4,300 labor-hours in March; however, It actually worked 4,100 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 $ 67,980 $ 9,570 $ 9,000 $ 2,040 $ 30,700 $ 8,900 $ 2,800 $ 15,440 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending varlances for all expense Items. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. 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 Total expense Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense eBook Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense items. ferences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each variance by selecting "F" for favo for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Flexible Budget Labor-hours Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Spending Variances Results 4,100 $ 67,980 9,570 9,000 2,040 30,700 8,900 2,800 15,440 146,430 $