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 q is the number of labor-hours worked in a month: cost formulasdirect labor $16.10qindirect labor $4,200 + $1.60qutilities $5,700 + $0.50qsupplies $1,300 + $0.10qequipment depreciation $18,200 + $2.90qfactory rent $8,000property taxes $2,700factory administration $13,300 + $0.70qthe production department planned to work 4,400 labor-hours in march; however, it actually worked 4,200 labor-hours during the month. its actual costs incurred in march are listed below: actual cost incurred in marchdirect labor $65,940 indirect labor $10,100 utilities $8,190 supplies $1,930 equipment depreciation $29,800 factory rent $8,400 property taxes $2,700 factory administration $15,470required: 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.