Factory Overhead Cost Variance Report Tiger Equipment Ine, 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 6,500 hours. During May, the department operated at 6,900 standard hours. The factory overhead costs incurred were indirect factory wages, $20,210; power and light, $13,960; indirect materials, $12,400; supervisory salaries, $11,060; depreciation of plant and equipment, $28,380; and insurance and property taxes, $8,660. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 6,900 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 6,500 hrs: Actual production for the month 6,900 hrs: Variable costs: Actual Budget Unfavorable Variances Favorable Variances 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 foxed cost Total factory overhesd cost Total controliable variances Excess hours used over normal at the standard rate for fixed factory overheed