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 controllingcosts? Explain. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.)Boise Outfitters, Inc.- XData tableStandard Cost Income StatementFor the Month Ended May 31, 2018Sales Revenue (at standard)Cost of Goods Sold (at standard)Direct Materials Cost VarianceDirect Materials Efficiency VarianceDirect Labor Cost VarianceDirect Labor Efficiency VarianceVariable Overhead Cost VarianceVariable Overhead Efficiency VarianceFixed Overhead Cost VarianceFixed Overhead Volume VariancePrintDoneGross Profit$ 560,000344,000700 F6,000 F4,700 U2,300 F3,000 U750 U1,500 U8,700 F

Income Statement represents the net income which is the result of reducing expenses from the…

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

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 61P: Method of Least Squares, Predicting Cost for Different Time Periods from the One Used to Develop a...

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Sunshine Goods Ltd is a revenue maximizing firm that engages in the analysis of variances to provide useful information to management. The company manufactures and sells three (3) products, RG, KC and MG. During July 2019 the following budgeted and actual results were presented to you the management accountant for analysis: Budgeted Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 585,000 900 650 820 738,000 KC 500,000 500 1,000 850 425,000 MG 300,000 600 500 720 432,000 Total 2,000 1,595,000 Actual Results Product Total Sales $ Volume/units Price $ Contribution margin per unit $ Total contribution margin $ RG 500,000 500 1,000 800 400,000 KC 270,000 300 900 `900 270,000 MG 105,000 350 300 700 245,000 Total 1,150 915,000 Required: Sales margin price…