Subject-Acounting You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president hasasked that you review the company's costing system and "do what you can to help us get better control of our manufacturingoverhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would bean excellent first step in overhead planning and control.After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March:Actual Cost inMarch$ 21,560$ 70,100$ 16,600$ 135,400$ 70,000UtilitiesMaintenanceSuppliesIndirect laborDepreciationCost Formula$16,400+ $0.16 per machine-hour$38,500+ $1.80 per machine-hour$0.80 per machine-hour$94,600+ $1.90 per machine-hour$68,300During March, the company worked 19,000 machine-hours and produced 13,000 units. The company had originally planned to work21,000 machine-hours during March.Required:1. Prepare a flexible budget for March.2. Prepare a report showing the spending variances for March.

Preparation of Flexible Budget for March: To prepare a flexible budget, we need to calculate the…

Answered: You have just been hired by FAB…

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