Drop Down Options: Cost of goods sold at actual, Cost of goods sold at standard, Direct labor cost variance, Direct labor efficiency variance, Direct material cost variance, Direct material efficiency variance, Fixed overhead cost variance, Fixed overhead volume variance, Manufacturing cost variance, sales revenue, selling and administrative expenses, Total manufacturing cost variances, Variable overhead cost variance, Variable overhead efficiency variance

Part 2:

Good or Poor

Favorable or Unfavorable

Data Table $ 550,000 342,000 800 F Sales Revenue (at standard) Cost of Goods Sold (at standard) Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance 6,700 F 4,100 U 1,900 F 3,200 U 850 U 1,000 U 8,600 F Print Done The May 2018 revenue and cost information for Austin Outfitters, Inc. follows: (Click the icon to view the revenue and cost information) Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for management's use. Has management done a good or poor job of controlling costs? Explain. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Standard Cost Income Statement For the Month Ended May 31, 2018 Gross Profit Has management done a good or poor job of controlling costs? Explain. job at controlling costs. Total manufacturing Overall, Austin Outfitters management appears to have done a variances are