ACC $202$ Milestone One Guidelines and Rubric

Overview

Successful entreprencurs understand all aspects of business, especially costs and costing systems. In the course project, you will assume role of the owner of a small business and apply managerial accounting principles to evaluate and manage costs related to your services wi costing system. In the first milestone of the project, you will determine and classify the costs necessary for opening your business.

Scenario

You plan to open a business manufacturing collars, leashes, and harnesses for pets. To begin, you will manufacture these in a standard styl size with plans to expand your range over the year. In a few weeks, you will present your company's financial strategy to some key investor begin creating your strategy. you need to consider and record all the costs associated with operating your business. You have decided to us the job order costing system.

Prompt

Use the given operational costs in the Milcstone One Operational Costs. Data Appendix Word Document to complete the first two tabs$,"$C Classification" and "Variable and Fixed Costs," in the Project Workbook Spreadsheet.

Specifically, you must address the following rubric criteria:

Cost Classification. Accurately classify all your costs in the "Cost Classification" tab of your workbook.

Identify direct material, direct labor, overhead, and period costs. $($Note: Fixed and variable costs have been classified for you.$)$

Variable and Fixed Costs. Complete the "Variable and Fixed Costs" tab of your workbook. $($Note: Some costs are provided for you. Fill in only the missing costs.$)$

Determine your total variable cost per unit and the total fixed costs for each product. Show your work using calculations to the side of the table or using appropriate formulas in the table.

What to Submit

Submit the Project Workbook with the "Cost Classification" and "Fixed and Variable Costs" tabs completed. This file should be completed and submitted using Microsoft Excel.

Milestone One Rubric

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