ACC 202 Milestone Three: Actual Costs and Revenue Data Appendix At the end of the first month of opening your business, you calculate the actual operating costs of the business and the income you earned. You also notice and document the difference in what you budgeted for certain materials and labor against the actual amounts you spent on the same. For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month: - Materials purchased: 520,000 0 Consumed 80% of the purchased materials - Direct labor: $8,493 - Overhead costs: $3,765 Note: Assume that the beginning materials and ending work in process are zero for the month. Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing level options you chose in Milestone Two. Aso, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in the month was 33 per day or 3320=660 per month. The other costs incurred by the business include: - General and administrative salaries Receptionist: 51,950 - Office supplies: $200 - Other business equipment: $150 Milestone Three - Statement of Cost of Goods Sold 2. Milestone Three-Variance 1 nalysis 14 15. Variances for Collar Sales 16 17 Direct Labor Time Variance 18 (Actual Hours - Standard Hours) x Standard Rate 19 20 Direct Labor Rate Variance 21 (Actual Rate-Standard Rate) x Actual Hours 23 Direct Materials Quantity/Efficiency Variance 24 (Actual Quantity - Standard Quantity) x Standard Price 26 Direct Materials Price Variance 27 (Actual Price-5tandard Price) x Actual Quantity