The May 2024 revenue and cost information for Miami 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.) - Miami Outfitters, Inc. Standard Cost Income Statement Data Table For the Month Ended May 31, 2024 $ 550,000 Sales Revenue (at standard) Cost of Goods Sold (at standard) 349,000 Direct Materials Cost Variance 1,400 F Direct Materials Efficiency Variance 6,300 F 4,300 U Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance 1,900 F 3,000 U 1,200 U Fixed Overhead Cost Variance 2,100 U Fixed Overhead Volume Variance 8,400 F Print Done Gross Profit