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 8,400 hours. TIGER EQUIPMENT INC. Factory Overhead Cost BudgetWelding Department For the Month Ended May 31 1 Variable costs: 2 Indirect factory wages $30,240.00 3 Power and light 20,160.00 4 Indirect materials 16,800.00 5 Total variable cost $67,200.00 6 Fixed costs: 7 Supervisory salaries $20,000.00 8 Depreciation of plant and equipment 36,200.00 9 Insurance and property taxes 15,200.00 10 Total fixed cost 71,400.00 11 Total factory overhead cost $138,600.00 During May, the department operated at 8,860 standard hours, and the factory overhead costs incurred were indirect factory wages, $32,400; power and light, $21,000; indirect materials, $18,250; supervisory salaries, $20,000; depreciation of plant and equipment, $36,200; and insurance and property taxes, $15,200. Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,860 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter favorable variances as negative amounts. Amount Descriptions Depreciation of plant and equipment Indirect factory wages Indirect materials Insurance and property taxes Net controllable variance-favorable Net controllable variance-unfavorable Power and light Supervisory salaries Total controllable variances Total factory overhead cost Total factory overhead cost variance-favorable Total factory overhead cost variance-unfavorable Total fixed factory overhead cost Total variable factory overhead cost Volume variance-favorable Volume variance-unfavorable Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,860 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter favorable variances as negative amounts. TIGER EQUIPMENT INC. Factory Overhead Cost Budget - Welding Department For the Month Ended May 31 1 Productive capacity for the month 8,400 hours 2 Actual production for the month 8,860 hours 3 4 Budget (at Actual Production) Actual Variances: Favorable Variances: Unfavorable 5 Variable factory overhead costs: 6 7 8 9 10 Fixed factory overhead costs: 11 12 13 14 15 16 17 18 19 20