Amount Descriptions Amount Descriptions Depreciation of plant and equipment Indirect factory wages Indirect materials Insurance and property taxes Net controllable variance-favorable Net controllable variance-unfavorable Power and light Supervisory salaries Total controllable variances Total factory overhead cost Total factory overhead cost variance-favorable Total factory overhead cost variance-unfavorable Total fixed factory overhead cost Total variable factory overhead cost Volume variance-favorable Volume variance-unfavorable X Instructions Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 8,600 hours. TIGER EQUIPMENT INC Factory Overhead Cost Budget-Welding Department For the Month Ended May 31 1 Variable costs: Indirect factory wages $40,420.00 2 Power and light 26,660.00 3 17,200.00 Indirect materials 4 $84,280.00 Total variable cost 5 6 Fixed costs: $19,200.00 Supervisory salaries 7 36,500.00 Depreciation of plant and equipment 8 Instructions 6 Fixed costs: $19,200.00 Supervisory salaries 7 36,500.00 Depreciation of plant and equipment 8 17,400.00 Insurance and property taxes 9 73,100.00 Total fixed cost 10 $157,380.00 11 Total factory overhead cost During May, the department operated at 9,160 standard hours. The factory overhead costs incurred were indirect factory wages, $43,604; power and light, $28,108; indirect materials, $18,840; supervisory salaries, $19,200; depreciation of plant and equipment, $36,500; and insurance and property taxes, $17,400. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,160 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive ounts. Factory Overhead Cost Variance Report Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,160 hours hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive amounts. TIGER EQUIPMENT INC. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 8,600 hours 1 Actual production for the month 9,160 hours 2 3 Variances: Variances: Actual Budget 4 Favorable Unfavorable Variable factory overhead costs: 5 6 7 8 oo Factory Overhead Cost Variance Report 8 10 Fixed factory overhead costs: 11 12 13 14 15 16 17 18 19 20 oo Amount Descriptions Amount Descriptions Depreciation of plant and equipment Indirect factory wages Indirect materials Insurance and property taxes Net controllable variance-favorable Net controllable variance-unfavorable Power and light Supervisory salaries Total controllable variances Total factory overhead cost Total factory overhead cost variance-favorable Total factory overhead cost variance-unfavorable Total fixed factory overhead cost Total variable factory overhead cost Volume variance-favorable Volume variance-unfavorable X Instructions Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 8,600 hours. TIGER EQUIPMENT INC Factory Overhead Cost Budget-Welding Department For the Month Ended May 31 1 Variable costs: Indirect factory wages $40,420.00 2 Power and light 26,660.00 3 17,200.00 Indirect materials 4 $84,280.00 Total variable cost 5 6 Fixed costs: $19,200.00 Supervisory salaries 7 36,500.00 Depreciation of plant and equipment 8 Instructions 6 Fixed costs: $19,200.00 Supervisory salaries 7 36,500.00 Depreciation of plant and equipment 8 17,400.00 Insurance and property taxes 9 73,100.00 Total fixed cost 10 $157,380.00 11 Total factory overhead cost During May, the department operated at 9,160 standard hours. The factory overhead costs incurred were indirect factory wages, $43,604; power and light, $28,108; indirect materials, $18,840; supervisory salaries, $19,200; depreciation of plant and equipment, $36,500; and insurance and property taxes, $17,400. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,160 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive ounts. Factory Overhead Cost Variance Report Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,160 hours hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive amounts. TIGER EQUIPMENT INC. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 8,600 hours 1 Actual production for the month 9,160 hours 2 3 Variances: Variances: Actual Budget 4 Favorable Unfavorable Variable factory overhead costs: 5 6 7 8 oo Factory Overhead Cost Variance Report 8 10 Fixed factory overhead costs: 11 12 13 14 15 16 17 18 19 20 oo