The May 2024 revenue and cost information for Chicago 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.) Chicago Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 X Data table Sales Revenue (at standard) $ 570,000 Cost of Goods Sold (at standard) 340,000 Direct Materials Cost Variance 1, 100 F Direct Materials Efficiency Variance 6,400 F Direct Labor Cost Variance 4,700 U Direct Labor Efficiency Variance 2,500 F Variable Overhead Cost Variance 3,100 U Gross Profit Variable Overhead Efficiency Variance 750 U Has management done a good or poor job of controlling costs? Explain. Fixed Overhead Cost Variance 1,100 U Overall, Chicago Outfitters management appears to have done a job at controlling costs. Total manufacturing variances are Fixed Overhead Volume Variance 8,200 F Print Done