The May 2018 revenue and cost information for Boise 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.) Boise Outfitters, Inc. Data table Standard Cost Income Statement For the Month Ended May 31, 2018 $ 560,000 344,000 700 F 6,000 F 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 4,700 U 2,300 F 3,000 U 750 U Fixed Overhead Cost Variance 1,500 U Fixed Overhead Volume Variance 8,700 F Print Gross Profit Done
The May 2018 revenue and cost information for Boise 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.) Boise Outfitters, Inc. Data table Standard Cost Income Statement For the Month Ended May 31, 2018 $ 560,000 344,000 700 F 6,000 F 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 4,700 U 2,300 F 3,000 U 750 U Fixed Overhead Cost Variance 1,500 U Fixed Overhead Volume Variance 8,700 F Print Gross Profit Done
Chapter9: Responsibility Accounting And Decentralization
Section: Chapter Questions
Problem 6PB: Using the information for Lighthizer Trading Company, prepare the income statement to include all...
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