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 9,000 hours Variable costs: Indirect factory wages $27,000 Power and light 19,170 Indirect materials 15,570 Total variable cost $61,740 Fixed costs: Supervisory salaries 516,770 Depreciation of plant and equipment 43,010 Insurance and property taxes 13,120 Total xed cost 72.900 Total factory overhead cost $134,640 During May, the department operated at 9,500 standard hours. The factory overhead costs incurred were Indirect factory wages, $28,790, power and light, 119,170 Indirect matenals, $16,800; supervisory calories. $16.770; depreciation of plant and equipment, 543,010; and insurance and property taxes, $13.120. Required: Prepare a factory overhead cont variance report for May. To be useful for cost control the budgeted amounts should be based on 9.500 hours trtar a las variance as a negative number using a minus signs and an unfavorable variance as a positive number Round your per unit computations to the nearest cent, if required. 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 Tiger Equipment Inc. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 9,000 hrs. Actual production for the month 9,500 hrs. Actual Budget Unfavorable Variances Variable costs: Indirect factory wages Power and light Favorable Variances Indirect materials Total variable cost Fixed costs: . Supervisory salaries Depreciation of plant and equipment DI . Insurance and property taxes Total fixed cost Total factory overhead cost Total controllable variances D D Excess hours used over normal at the standard rate for fixed factory overhead