The May 2016 revenue and cost information for Austin Outfitters, Inc. follows: Prepare a standard cost income
Question:
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.
Transcribed Image Text:
Sales Revenue (at standard) Cost of Goods Sold (at standard) Direct Materials Cost Variance Direct Materias 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 $580,000 343,000 1,200 F 6,000 F 4,400 U 2,000 F 3,000 U ,500 U 1,200 U 8,200 F
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AUSTIN OUTFITTERS INC Standard Cost Income Statement For the Month Ended May 31 2016 Sales Revenue at standard 580000 Cost of Goods Sold at standard 343000 Manufacturing Cost Variances Direct Material...View the full answer
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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