Factory Overhead Cost Variance Report Prepare a factory overhead cost variance report for May. To be userui for cost contro, the budgeted amounts shouid be based on 8,740 hours. Refer to the Amount Descriptions list provided for the exact wording or the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number 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 8,400 hours. Score: 138/174 Tiger Equipment Inc Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 1 Variable costs: 2 Indirect factory wages 3 Power and light Normal capacity for the month 8,400 hours 26,88000 Actual production for the month 8,740 hours Indirect materials 16,800.00 Total variable cost 85,680.00 Budget Actual 6Fixed costs: 7 Supervisory salaries 8 Depreciation of plant and equipment 9 Insurance and property taxes 10 Total fixed cost 11 Total fatory overhead cost $20,40000 35,40000 15,600.00 Variable costs: $0.00 $28,240.00 18,090.00 44,21600 90,546.00 6 Power and light Indirect materials 71,40000 sIndirect factory wages 0.00 $157,08000 9 otal variable cost 0 Fixed costs: $20,400.00 15,600.00 35,400.00 $71,400.00 $20,40000 15,60000 35,400.00 $71,400.00 161,946.00 11 Supervisory salaries During May, the department operated at 8,740 hours, and the factory overhead costs incurred were 1Insurance and indirect factory wages, $44,216; power and light, $28,240; indirect materials, $18,090; supervisory salaries, $20,400; depreciation of plant and equipment, $35,400; and insurance and property taxes, $15,600. supervisory1Depreciation of plant and equipment 1 Total fixed cast s Total factory overhead cost 6Total controllable variances 1 Required $000 0.00 Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,740 hous. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Net controllable variance unfaverable Volume variance-favorable Total factory overhead cost variance-favorable 0.00 0.00 0.00 20 Points:30.93/ 39