The May 2016 revenue and cost information for Boston Outfitters, Inc. follows:

Data Table:

Sales Revenue (at standard) $610,000

Cost of Goods Sold (at standard) 340,000

Direct Materials Cost Variance 1,500 F

Direct Materials Efficiency Variance 6,100 F

Direct Labor Cost Variance 4,800 U

Direct Labor Efficiency Variance 2,600 F

Variable Overhead Cost Variance 2,900 U

Variable Overhead Efficiency Variance 750 U

Fixed Overhead Cost Variance 1,500 U

Fixed Overhead Volume Variance 7,900 F

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.)

Boston Outfitters, Inc.
Standard Cost Income Statement
For the Month Ended May 31, 2016
Gross Profit

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