Flexible budgets and Standard cost System

The May 2016 revenue and cost information for Miami Outfitters, Inc. follows: Eff(Click the icon to view the revenue and cost 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 p other amounts as positive numbers.) ses. Enter all Miami Outfitters, Inc. schoge Standard Cost Income Sta For the Month Ended May 31, 2016 Sales Revenue 610,000 Schogetten Cost of Goods Sold at standard 345,000 i Data Table Manufacturing Cost Variances: Direct Materials Cost Variance $ 610,000 Direct Materials Efficiency Variance 6,600 Sales Revenue (at standard) Cost of Goods Sold (at standard) 345,000 Direct Labor Cost Variance 4,100 Direct Materials Cost Variance 1,000 F Direct Labor Efficiency Variance 1.900 Direct Materials Efficiency Variance 6,600 F Variable Overhead Cost Variance 3,600 Direct Labor Cost Variance 4,000 U Variable Overhead Efficiency Variance 1,300 1,300 Direct Labor Efficiency Variance 1,900 F Fixed Overhead Cost Variance Variable Overhead Cost Variance 3,600 U Fixed Overhead Volume Variance B,300 Variable Overhead Efficiency Variance 1,300 U Total Manufacturing Variances 7,600 Fixed Overhead Cost Variance 1,300 U Cost of Goods Sold at actual 337,400 Fixed Overhead Volume Variance 8,300 F Gross Profit 272,600 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? 15 part Clear All Check Answer remaining