3. The budget for Department 5 of Plant M for the current month ending March 31 is as follows:

Materials	$206,000
Factory wages	265,000
Supervisory salaries	67,800
Depreciation of plant and equipment	35,000
Power and light	22,500
Insurance and property taxes	15,500
Maintenance	9,700

During March, the costs incurred in Department 5 of Plant M were materials, $204,000; factory wages, $285,000; supervisory salaries, $63,600; depreciation of plant and equipment, $35,000; power and light, $21,360; insurance and property taxes, $14,400; maintenance, $9,456.

a. Prepare a budget performance report for the supervisor of Department 5 of Plant M for the month of March.

b. Are there any significant variances (greater than 5%) of the budgeted amounts that should be examined by the supervisor?