ACC 202 Workbook question help

The total square footage for the sewing rooms is 1,500 square feet broken into three areas (500 square feet each). You have taken out a loan for start-up costs, and the monthly payment is $550; it goes into effect immediately and should be accounted for in your costs. You will also collect a modest salary for the first year of $500 per month; remember to divide evenly among the services.

Salary and Hiring Data

• One collar maker, who will be paid $16.00 per hour and work 40 hours per week
• One leash maker, who will be paid $16.00 per hour and work 40 hours per week
• One harness maker, who will be paid $17.00 per hour and work 40 hours per week
• One receptionist, who will be paid $15.00 per hour and work 30 hours per week

Other Costs

• Rent: $750 per month; allocate based on square footage
• High-tensile strength nylon webbing$12 per yard of webbing
  • 3 collars per yard of webbing
  • 2 leashes per yard of webbing
  • 2 harnesses per yard of webbing
• Polyesterylon ribbons$9 per yard of ribbon
  • 3 collars per yard of ribbon
  • 2 leashes per yard of ribbon
  • 2 harnesses per yard of ribbon
• Buckles made of cast hardware$0.50 per buckle
  • 4 buckles used per collar
  • 3 buckles used per leash
  • 8 buckles used per harness
• 3 industrial sewing machines at $3,300 each for a total of $9,900; depreciation is $165 per month (5-year life)
• Utilities and insurance: $600 per month; allocate based on square footage
• Scissors, thread, cording: $1,200
• Price tags: $250 for 2,500 ($0.10 each)
• Office supplies: $2,400 or $200 per month
• Other business equipment: $2,000
• Loan payment of $550 per month
• Salary drawn of $500 per month

I need help with COGS, income statement and variances.

Milestone One - Variable and Fixed Costs Collars Item Fixed Costs Collar maker's salary (monthly 2,773.33 Item Variable Cost/Item High-tensile strength nylon webbing $ 4.00 Polyesterylon ribbons $ 3.00 Buckles made of cast hardware $ 2.00 Price tags $ 0.10 $ $ Depreciation on sewing machines 55.00 Rent 250.00 Utilities and insurance $ $ $ 200.00 Scissors, thread, and cording 400.00 $ 183.33 Loan payment Salary to self $ 166.67 Total Variable Costs per Collar $ 9.10 Total Fixed Costs $ 4,028.33 Leashes Item Fixed Costs 2,773.33 Item Variable Cost/Item High-tensile strength nylon webbing $ 6.00 Polyesterylon ribbons Buckles made of cast hardware $ 1.50 Price tags $ 0.10 $ $ 4.50 55.00 250,00 Leash maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self $ $ 200.00 400.00 $ $ 183.33 $ 156.67 Total Variable Costs per Leash $ 12.10 Total Fixed Costs $ 4,028.33 Harnesses Item Fixed Costs S Item Variable Cost/Item High-tensile strength nylon webbing $ 6.00 Polyesterylon ribbons 4.50 Buckles made of cast hardware 4.00 Price tags $ 0.10 2,946.67 55.00 $ 250.00 Harness maker's salary Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan Salary to self S 200.00 400.00 $ $ 183.33 U 166.67 Total Variable Costs per Harness $ 14.60 Total Fixed Costs 4,201.67 COLLARS LEASHES HARNESSES Sales Price $ 20.00 $ 22.00 $ 25.00 Fixed Costs $ 4,028 $ 4,028 S 4,202 Contribution Margin $ 10.90 $ 9.90 $ 10.40 Break-Even Units (round up) 370.00 407.00 404.00 Target Profit $ 300.00 $ 400.00 $ 500.00 Break-Even Units (round up) 397.00 447.00 452.00 Target Profit $ 500.00 $ 600.00 $ 650.00 Break-Even Units (round up) 415.00 467.00 466.00 Milestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES Sales Price per Unit S 20.00 $ 22.00 $ 25.00 Variable Cost per Unit 9.10 12.10 14.60 Contribution Margin $ 10.90 $ 9.90 $ 10.40 0 Beginning Work in Process Inventory Direct Materials: 0 Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials Materials Used Direct Labor Overhead Total Costs Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold Revenue: Collars Leashes Harnesses $ $ Total Revenue: Cost of goods sold Gross profit $ Expenses: General and administrative salaries $ Depreciation Rent Utilities and insurance Scissors, thread, and cording Loan Total Expenses $ Net Income/Loss $ Data for Variance Analysis: Actual Budgeted (Standard) Hours/Qty Budgeted (Standard) Actual Hours/Qty Rate Rate Labor Materials Variances for Collar Sales Favorable/ Variance Unfavorable Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate $ Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours U Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance (Actual Price - Standard Price) Actual Quantity $ Milestone One - Variable and Fixed Costs Collars Item Fixed Costs Collar maker's salary (monthly 2,773.33 Item Variable Cost/Item High-tensile strength nylon webbing $ 4.00 Polyesterylon ribbons $ 3.00 Buckles made of cast hardware $ 2.00 Price tags $ 0.10 $ $ Depreciation on sewing machines 55.00 Rent 250.00 Utilities and insurance $ $ $ 200.00 Scissors, thread, and cording 400.00 $ 183.33 Loan payment Salary to self $ 166.67 Total Variable Costs per Collar $ 9.10 Total Fixed Costs $ 4,028.33 Leashes Item Fixed Costs 2,773.33 Item Variable Cost/Item High-tensile strength nylon webbing $ 6.00 Polyesterylon ribbons Buckles made of cast hardware $ 1.50 Price tags $ 0.10 $ $ 4.50 55.00 250,00 Leash maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self $ $ 200.00 400.00 $ $ 183.33 $ 156.67 Total Variable Costs per Leash $ 12.10 Total Fixed Costs $ 4,028.33 Harnesses Item Fixed Costs S Item Variable Cost/Item High-tensile strength nylon webbing $ 6.00 Polyesterylon ribbons 4.50 Buckles made of cast hardware 4.00 Price tags $ 0.10 2,946.67 55.00 $ 250.00 Harness maker's salary Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan Salary to self S 200.00 400.00 $ $ 183.33 U 166.67 Total Variable Costs per Harness $ 14.60 Total Fixed Costs 4,201.67 COLLARS LEASHES HARNESSES Sales Price $ 20.00 $ 22.00 $ 25.00 Fixed Costs $ 4,028 $ 4,028 S 4,202 Contribution Margin $ 10.90 $ 9.90 $ 10.40 Break-Even Units (round up) 370.00 407.00 404.00 Target Profit $ 300.00 $ 400.00 $ 500.00 Break-Even Units (round up) 397.00 447.00 452.00 Target Profit $ 500.00 $ 600.00 $ 650.00 Break-Even Units (round up) 415.00 467.00 466.00 Milestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES Sales Price per Unit S 20.00 $ 22.00 $ 25.00 Variable Cost per Unit 9.10 12.10 14.60 Contribution Margin $ 10.90 $ 9.90 $ 10.40 0 Beginning Work in Process Inventory Direct Materials: 0 Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials Materials Used Direct Labor Overhead Total Costs Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold Revenue: Collars Leashes Harnesses $ $ Total Revenue: Cost of goods sold Gross profit $ Expenses: General and administrative salaries $ Depreciation Rent Utilities and insurance Scissors, thread, and cording Loan Total Expenses $ Net Income/Loss $ Data for Variance Analysis: Actual Budgeted (Standard) Hours/Qty Budgeted (Standard) Actual Hours/Qty Rate Rate Labor Materials Variances for Collar Sales Favorable/ Variance Unfavorable Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate $ Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours U Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance (Actual Price - Standard Price) Actual Quantity $