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 8,800 hours. Variable costs: Indirect factory wages $27,280 Power and light 20,416 Indirect materials 16,896 Total variable cost $64,592 Fixed costs: Supervisory salaries $15,990 Depreciation of plant and equipment 41,020 Insurance and property taxes 12,510 Total fixed cost 69,520 Total factory overhead cost $134,112 During May, the department operated at 9,300 standard hours. The factory overhead costs incurred were indirect factory wages, $29,120; power and light, $21,190; indirect materials, $18,200; supervisory salaries, $15,990; depreciation of plant and equipment, $41,020; and insurance and property taxes, $12,510. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,300 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 8,800 hrs. Actual production for the month 9,300 hrs. Unfavorable Favorable Actual Budget Variances Variances Variable costs: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,300 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 8,800 hrs. Actual production for the month 9,300 hrs. Unfavorable Favorable Actual Budget Variances 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 $ 44 0000 Total factory overhead cost Total controllable variances Excess hours used over normal at the standard rate for fixed factory overhead