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E23-22 Preparing a standard cost income statement The May 2018 revenuc and cost information for...

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E23-22 Preparing a standard cost income statement The May 2018 revenuc and cost information for McDonald Outfitters, Inc. follows: 610,000 348,000 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 1,500 F 6,600 F 4,200 U 2,700 F 2,800 U 1,100 U 2,300 U 8,300 F Prepare a standard cost income statement for management through gross profit. Repor done a good or poor job of controlling costs? Explain. t all standard cost variances for management's usc. Has management

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