Factory Overhead Cost Variance Report Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budort for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 5,800 hours Vanable costs Indirect factory wages $13,150 Power and light 12,705 Indirect materials 11,055 Total variable cost $41,010 Fixed costs Supervisory sales $10,370 Depreciation of plant and ment 26,610 Insurance and property taxes 6,120 Total Fixed cost 45,100 Total factory overhead cost $82,010 During May the department operated at 5,800 standard hours. The factory overhead costs incurred werer indirect factory wages $19,330 power and bght 513,160, indirect materials, $11.900, supervisory sales, 510,370: depreciation of plant and equipment, 126,610; and insurance and property taxes 58,120 Required: Prepare a factory overhead cost and report for May. To be for cont control the budgeted amounts should be based on 5,000 hours. Enter a favorable variances negative number ong son and inforble vanance poitwe number. Round your per unit computations to the nearest cent, it required. If an amount box does not require an entry, it blank Required: Prepare a factory overhead cost vanance report for May. To be useful for cost control the budgeted amounts should be based on 5,800 hours Enter a favorable variance as a negative number using a munus sign and an unfavorable variance as a positive number Round your per unit computations to the nearest cent, it 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 5,500 hrs. Actual production for the month 5,800 hrs Actual Budget Unfavorable Variances Favorable Variances Variable costs Indect factory wages Power and light Indiet materials Tot vanable cost Supervisory Depreciation of plant andret Insurance and property taxes QUQ No WIJ WO Totalted cost Totory overhead con Normal capaoty for the month 5,500 hrs. Actual production for the month 5,800 hrs. Actual Budget Unfavorable Variances favorable Variances Variable costs: Indirect factory wages Power and light Indirect materials Total variable cost Fixed costs Supervisor salaries Depreciation of plant and equipment Insurance and property taxes NOQUI III) (0) Totalfixed cost Total factory overhead cost Total controllable variantes OD Excess hours used over normal at the standard rate for fred factory overhead