Can you please help me verify if the standard cost income statement that I prepared specifically net sales revenue @ standard, sales revenue variance, sales revenue @ actual, and COGS @ standard are correct? If not, can you help me with the calculations? Thank you!

Comprehensive: Master Budgets, Variances, Performance Evaluation
During 2019, Sudsy Soap recorded the following cost data:
Standard Cost Information
		Quantity	Cost
Direct Materials		3	lbs per jug	$2	per lb
Direct Labor		0.30	hours per jug	$12	per hour
Variable MOH		0.30	hours per jug	$12	per hour
Fixed MOH Static Budget Amount:	$ 38,340	0.30	hours per jug	$ 21.00	per hour
Actual Cost Information
Direct Materials		20,700	lbs	$ 2.50	per lb
Direct Labor		2,060	hours	$ 12.40	per hour
Variable MOH		2,060	hours	$ 11.60	per hour
Fixed MOH				$ 36,540
3a. Compute the cost and efficiency variances for direct materials and direct labor.
3b. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances.
3c. Prepare the standard cost income statement for 2019.
**Note that you may need to refer to data provided or calculated from Requirements 1 and/or 2.

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3a. Compute the cost and efficiency variances for direct materials and direct labor.
					F/U						F/U
	DM Cost Variance:	10,350	1	U	1	DM Efficient Variance:	600	1	F	1
	DL Cost Variance:	824	1	U	1	DL Efficiency Variance:	480	1	F	1
3b. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances.
					F/U						F/U
	VOH Cost Variance:	824	1	F	1	VOH Efficient Variance:	480	1	F	1
	FOH Cost Variance:	1,800	1	F	1	FOH Volume Variance:	4920	*	F	1
3c. Prepare the standard cost income statement for 2019.
Sudsy Days
Standard Cost Income Statement
For the Year Ended December 31, 2019
	Net Sales Revenue @ Standard						$ 585,000	1
	Sales Revenue Variance							$ 45,000	1
	Sales Revenue @ Actual							$ 630,000	1
	COGS @ Standard						$ 133,500	*
	Manufacturing Cost Variances:
	DM Cost Variance					$ (10,350)	*
	DM Efficiency Variance					600	*
	DL Cost Variance					(824)	*
	DL Efficiency Variance					480	*
	VOH Cost Variance					824	*
	VOH Efficiency Variance					480	*
	FOH Cost Variance					1,800	*
	FOH Volume Variance					4,920	*
	Total Manufacturing Cost Variances					(2,070)	*
	COGS @ Actual cost							131,430	1
	Gross Profit								498,570	1
	S&A Expenses:
	Variable							12,600	1
	Fixed							61,400	74,000	1
	Operating Income							$ 424,570	1

Sudsy Days
Balance Sheet
December 31, 2019
Net Sales Revenue				$ 630,000
Cost of Goods Sold:
Variable				$ 94,890
Fixed				36,540	131,430
Gross Profit					498,570
Selling & Admin Expenses:
Variable				12,600
Fixed				61,400	74,000
Operating Income				424,570
Other income and (Expenses):
Interest Expense				(425)
Income Before Income Taxes			424,145
Income Tax Expense				22,000
Net Income					$ 402,145

	Sudsy Days Soap Company
	Flexible Budget Performance Report
	For the Year Ended December 31, 2019
			Budget Amounts per unit		Actual Results		Flexible Budget Variance				Flexible Budget		Sales Volume Variance				Static Budget
	Units			1	7000	1	-	1		1	7000	1	$ -	*		*	6500
	Net Sales Revenue	$ 90	1	$ 630,000	1	-	1		1	$ 630,000	1	$ 45,000	1	F	1	$ 585,000
	Variable Costs:
	Product Costs			94,890	1	950	1	U	1	93,940	1	$ 9,700	1	U	1	84,240
	S&A Costs				12,600	1	-	1		1	12,600	1	$ 900	1	U	1	11,700
	Contribution Margin
	Fixed Costs:
	Product Costs			36,540	1	1,800	1	F	1	38,340	1	-	1		1	38,340
	S&A Costs				61,400	1	-	1		1	61,400	1	-	1		1	61,400
	Operating Income			$ 424,570	1	850	1	F	1	$ 423,720	1	$ 34,400	1	F	1	$ 389,320
					Flexible Budget Variance						Sales Vol. Variance
					$ 850	1	F	1			$ 34,400	1	F	1
					Static Budget Variance
							$ 35,250	1	F	1
2b. What was the effect on Sudsy's operating income of selling 500 jugs more than the static budget level of sales?
	Sudsy's operating income would decrease by $37,322 (522510/7000) = (74.64*6500) - (36540+61400)
2c. Explain why the flexible budget performance report provides more useful information to Sudsy's managers than the static budget performance report. What insights can Sudsy's managers draw from this performance report?
	The flexible budget is prepared based off of actual units sold. The static budget is prepared base off of budgeted units sold. In addition, the flexible budget reflects both variable and fixed costs and how those costs are controlled vs the static budget only reflecting fixed costs and how fixed costs are controlled. The company is doing a better job than budgeted in controlling costs.