Question

i Data Table 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 530,000 344,000 1,000 F 6,400 F 4,700 U 2,600 F 3,300 U 800 U 1,300 U 8,200 F PrintDone The May 2018 revenue and cost information for Denver Outfitters, Inc. follows 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 good or poor job of controling costs? Explain. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers ) managements use. Has management done a Standard Cost Income Statement For the Month Ended May 31, 2018 2 od 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,) h grass pro Report all standard cost variances for management's use Has management don Gross Profit Has management done a good or poor job of controlling costs? Explain Overal, Denver Outfitters management appears to have done a job at controlling costs Total manufacturing variances are Choose from any list or enter any number in the input fields and then continue to the next question. 99+

Answer 1

Standard Cost income Statement For The Month Ended May 31 2018 3 Sales Revenue (at standard 4 COGS (at Satndard 5 Manufacturing Cost variances 6 Direct materials Cost variance 7 Direct materials Efficiency variance $-6,400.00 8 Direct Labor Cost variance 9 Direct Labor Efficiency variance 10 Variable OH Cost Variance 11 Variable OH Efficiency Variance 12 Fixed OH Cost Variance 13 Fixed OH Efficiency Variance 14 Total Manufacturing Variances 15 COGS at Actual 16 Gross profit $5,30,000.00 $3,44,000.00 -1,000.00 4,700.00 -2,600.00 $3,300.00 $ 800.00 S 1,300.00 $-8,200.00 $ -8,100.00 $3,35,900.00 $1,94,100.00

We have to deduct Favorable cost variances and add Unfavorable variances to arrive at COGS at Actual

Overall the management appears to have done a Good Job. Total manufacturing Variances are $8100 Favorable