The May 2024 revenue and cost information for Albany 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.)
Albany Outfitters, Inc.
Standard Cost Income Statement
For the Month Ended May 31, 2024
Data table
Sales Revenue (at standard)
$ 560,000
Cost of Goods Sold (at standard)
341,000
Direct Materials Cost Variance
900 F
Direct Materials Efficiency Variance
5,900 F
Direct Labor Cost Variance
4,100 U
Direct Labor Efficiency Variance
2,400 F
Variable Overhead Cost Variance
3,700 U
Variable Overhead Efficiency Variance
1,500 U
Fixed Overhead Cost Variance
2,100 U
Fixed Overhead Volume Variance
8,800 F
