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 6,200 hours. Variable costs: Indirect factory wages $19,840 Power and light 11,408 Indirect materials 9,548 Total variable cost $40,796 Fixed costs: Supervisory salaries $11,410 Depreciation of plant and equipment 29,260 Insurance and property taxes 8,930 Total fixed cost 49,600 $90,396 $ Total factory overhead cost During May, the department operated at 6,600 standard hours. The factory overhead costs incurred were indirect factory wages, $21,330; power and light, $11,930; indirect materials, $10,400; supervisory salaries, $11,410; depreciation of plant and equipment, $29,260; and insurance and property taxes, $8,930. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 6,600 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. Tiger Equipment Inc. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 6,200 hrs. Actual production for the month 6,600 hrs. Actual Budget Unfavorable Variances Favorable Variances Variable costs: Indirect factory wages $ $ Power and light Indirect materials $ $ $ Total variable cost Fixed costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed cost 100000 sl Total factory overhead cost s Total controllable variances OD O DO Excess hours used over normal at the standard rate for fixed factory overhead