Question

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 orked 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.) it Scor ots: Albany Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 ibmis X Data Table -156 -15 € 16-2 $ 550,000 341,000 600 F 6,500 F 4.700 U Sales Revenue (at standard) Cost of Goods Sold (at standard) Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance (Acct 2,100 F 3,100 U 800 U Choose from any list or enter any number in the input fields and then click Check Answer. 1.300 U 1 part remaining Clear All 8,600 F

Answer 1

$ 550,000 Albany Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 Sales revenue Cost of Goods sold at standard Cost $341,000 Manufacturing Cost variances Direct Materials Cost variance $ (600) Direct Materials Efficiency variance $(6,500) Direct labor Cost variance $ 4,700 Direct Labor Efficiency variance $(2,100) Variable Overhead cost variance $ 3,100 Variable Overhead Efficiency variand $ 800 Fixed Overhead Cost Variance $ 1,300 Fixed Overhead Volume Variance $(8,600) Total manufacturing variances $ (7,900) Cost of Goods Sold at actual cost Gross Profit $333,100 $216,900