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Problem 9-23 (Algo) Flexible Budgets and Spending Variances [LO9-1, LO9-2] You heve just been hired by FAB Corporation, the manufacturer of a revolutionary now garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathored the following actual cost data for March. During March, the company worked 14,000 machine-hours and produced 8,000 units. The company had originaly planned to work 16,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a repart showing the spending variances for March. Complete this question by entering your answers in the tabs below. Prepare a tlexble budget for March. (input all amounts as positive valuet) During March, the company worked 14,000 machine-hours and produced 8,000 units. The company had ceiginalty planned to work 16,000 machine hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Prepare a flexible budget for March. (Input all amounts as postive values.) 16,000 machine-hours during March. Required: 1. Prepare a floxible budget for March. 2. Prepare a report showing the spending varlances for March. Complete this question by entering your answers in the tabs below. Prepare a report showing the spending variances for March. (thoicate the effect of each variance by seiecting "F" for fovorable, "i" for unfavorable, and "None" for no effect (L.e., zerp variance)- Irput at amounts as positive values.)

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