Ork B - Graded Question 5, EM6-22 (similar to) Part 1 of 2 HW Score: 33.24%, 11.3 of 34 points O Points: 0 of 4 Save The May 2024 revenue and cost information for Tulsa 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.) Gross Profit Tulsa Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 Sales Revenue (at standard) $ 560,000 Cost of Goods Sold (at standard) 344,000 Direct Materials Cost Variance 1,400 F Direct Materials Efficiency Variance 6,300 F Direct Labor Cost Variance 4,800 U Direct Labor Efficiency Variance 2,600 F Variable Overhead Cost Variance 3,300 U Variable Overhead Efficiency Variance 1,500 U Fixed Overhead Cost Variance 1,400 U Fixed Overhead Volume Variance 8,200 F