Factory Overhead Cost Variance Report 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 7,800 hours. Variable costs: Indirect factory wages Power and light $22,620 17,550 Indirect materials Total variable cost 15,210 $55,380 Fixed costs: Supervisory salaries $15,250 Depreciation of plant and equipment 39,120 Insurance and property taxes 11,930 Total fixed cost Total factory overhead cost 66,300 $121,680 During May, the department operated at 8,300 standard hours. The factory overhead costs incurred were indirect factory wages, $24,310; power and light, $18,340; indirect materials, $16,500; supervisory salaries, $15,250; depreciation of plant and equipment, $39,120; and insurance and property taxes, $11,930. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,300 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, if required. If an amount box does not require an entry, leave it blank.