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 8,500 hours. TIGER EQUIPMENT INC. Factory Overhead Cost BudgetWelding Department For the Month Ended May 31 1 Variable costs: 2 Indirect factory wages $45,900.00 3 Power and light 26,350.00 4 Indirect materials 17,000.00 5 Total variable cost $89,250.00 6 Fixed costs: 7 Supervisory salaries $19,000.00 8 Depreciation of plant and equipment 35,600.00 9 Insurance and property taxes 17,650.00 10 Total fixed cost 72,250.00 11 Total factory overhead cost $161,500.00 During May, the department operated at 8,880 standard hours, and the factory overhead costs incurred were indirect factory wages, $48,516; power and light, $27,264; indirect materials, $18,370; supervisory salaries, $19,000; depreciation of plant and equipment, $35,600; and insurance and property taxes, $17,650. Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,880 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive amounts.