Fix the red please Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are preparedmonthly for each department. The planning budget and flexible budget for the Production Department are based on the followingformulas, where q is the number of labor-hours worked in a month:Direct laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationCost Formulas$16.109$4,600+ $1.50q$5,300 + $0.709$1,600+ $0.209$18,500+ $2.709$8,600$3,000$13,600 + $0.809The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during themonth. Its actual costs incurred in March are listed below:Direct laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationActual CostIncurred inMarch$ 64,330$ 9,930$ 8,560$ 2,630$ 29,030$ 9,000$ 3,000$ 16,110Required: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.> Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below.Required 1 Required 2Labor-hoursDirect laborIndirect laborUtilitiesSuppliesEquipment depreciationRequired 3Calculate the spending variances for all expense items. (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.)Packaging Solutions CorporationSpending VariancesFor the Month Ended March 31Factory rentProperty taxesFactory administrationTotal expenseActualResultsAnswer is complete but not entirely correct.3,900$ 64,3309,9308,5602,63029,0309,0003,00016,110$ 142,590Spending Variances$ 1,540 U520✔ F530✔ U20 U0✔ None400 U0✔ None610F$1,320 U< Required 2›› › › › › › › ›♥✔$ 62,790✓FlexibleBudget✓3,900✔10,4508,0302,380›› › › › ›29,0308,600✔3,00016,720✔$ 141,000✔Required 3 >

Name: Fix the red please Packaging Solutions Corporation manufactures and se
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Fix the red please Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are preparedmonthly for each department. The planning budget and flexible budget for the Production Department are bas