VCVV

The

May

2024

revenue and cost information for

Albany

Outfitters, Inc. follows:

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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.)

Data table \begin{tabular}{lr} \hline Sales Revenue (at standard) & $560,000 \\ Cost of Goods Sold (at standard) & 341,000 \\ Direct Materials Cost Variance & 900F \\ Direct Materials Efficiency Variance & 5,900F \\ Direct Labor Cost Variance & 4,100U \\ Direct Labor Efficiency Variance & 2,400F \\ Variable Overhead Cost Variance & 3,700U \\ Variable Overhead Efficiency Variance & 1,500U \\ Fixed Overhead Cost Variance & 2,100U \\ \hline Fixed Overhead Volume Variance & 8,800F \\ \hline \end{tabular} Print Done