Exercise 9-14 (Static) Flexible Budget Performance Report in a Cost Center (L09-1, LO9-2, LO9-3, L09-4) 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 is the number of labor-hours worked in a month Cost Formula Direct labor Tindirect labor utilities Solis Equipment depreciation Factory Pant Property to factory adnantstration $3,200 + $1.000 19,400 $0.800 $1,100+ 0.400 $2,000 $3.700 38,00 $7.100 $11.00+ $1.96 The Production Department planned to work 8.000 bor hours in March, however, it actually worked B 400 tabor hours during the month. Its actual costs incurred in Match are Usted below Acta Core Direct labor Indirint labon utilities Supplies 14,10 $19.60 14X370 actory rent party Factory in 1.700 52.100 5.2.470 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 your answers in the tabs below. 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 oth Ended March 31 P Nad >