Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $1,000 Indirect laban 152,000 Utilies 1:4,000 Patent royalties en secret process 296,000 Tatal variable werheati 5616,000 Fixed costs: Supervisory Salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 18,000 Factory Insurance 32,000 Usilites (base charge) 80,000 Total fred erhead 464.000 Total manufacturing overhead $1,080,000 The polishing department was operated for 4,500 hours during April and incurred the following manufacturing overhead costs: Factory supplies $97,470 Indirect labor 136,110 Utilities (usage factor) 82.800 Utilities (base factor 95,000 Patent royalties 280,466 Supervisory salaries Depreciation on factary equipment 144,00!! Factory taxes 55,000 Factory insurance 32,000 Total manufacturing owerhead incurred $1,090,746 Using a flexible budgeting approach, prepare a performance report for the polishing department for April 2016, comparing actual overhead costs with budgeted overhead costs for 4,500 hours. Separate overhead costs into variable and fixed components and show the amounts of any variances between actual and budgeted amounts. Do not use negative signs with your answers below. Do not round until your final answer. Round answers to nearest whole number, if applicable. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. Taylor Manufacturing Company Polishing Department Performance Report - Manufacturing Overhead For the Month Ended April 30, 2016 Actual Costs Budget (4,500 hours) Variances Variable costs: Factory supplies 90,000 $ Indirect labor 136,800 O X F. Utilities 61,200 OXU Patent royalties 266,400 Total variable overhead $ 0 X $ OXU 0 x 0 X 0 X OXU OX 0 x 0 X U Fixed costs: OX OX OXU OX OX 0 Supervisory salaries Depreciation on equipment Factory taxes Factory insurance OX 0 x 0 X U 0X OX 0 Utilities OX OX OXU - Total fixed overhead OX 0x OXU Total overhead costs 0 x $ Ox $ 0 X U Check