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The May 2018 revenue and cost information for Hartford Outfitters, Inc. follows:
Sales Revenue (at standard) $ 610,000
Cost of Goods Sold (at standard) 348,000
Direct Materials Cost Variance 1,500 F
Direct Materials Efficiency Variance 6,600 F
Direct Labor Cost Variance 4,200 U
Direct Labor Efficiency Variance 2,700 F
Variable Overhead Cost Variance 2,800 U
Variable Overhead Efficiency Variance 1,100 U
Fixed Overhead Cost Variance 2,300 U
Fixed Overhead Volume Variance 8,300 F
Required:
(a) Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for management's use.
(b) Has management done a good or poor job of controlling costs? Explain.
(c) Overall, Hartford Outfitters management appears to have done a job at controlling costs. Total manufacturing variances are (favorable/unfavorable).
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The May 2018 revenue and cost information for Hartford Outfitters, Inc. follows:
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