b
i am not sure that my COGS information is correct - so i would like feedback on that. but i am also having trouble figuring out the income statement and variances tabs.
Total Variable Costs per Leash Harnesses Item High-tensile stren ath nylon webbi Polyester/mylon ribbons Buckles made of east hardware Price tags Total Variable Costs per Harness Milestone Two - Break-Even Analysis Milestone Three - Statement of Cost of Goods Sold Milestone Three - Income Statement Revenue: Collars Leashes Harnesses 10 Total Revenue: 11 Cost of goods sold. 12 Gross profit Data for Variance Analysis: \begin{tabular}{|l|c|c|c|c|} \hline & Budgeted (Standard) Hours/Oty & Budgeted (Standard) Rate & Actual Hours/aty & Rate \\ \cline { 2 - 5 } & & & \\ \hline \multirow{2}{*}{ Labor } & & \\ \hline \end{tabular} udgeted for certain materials and labor against the actual amounts you spent on the same. or your statement of cost of goods sold, use the following data regarding the actual costs incurred by he business over the past month: Materials purchased: $20,000 - 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. Ise the following revenue and cost information for the income statement. Note that the revenue you ise will depend on the pricing level options you chose in Milestone Two. Also, assume that after coounting for weekends and other holidays, there were 20 business days in the first month of peration. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in hemonth was 33 per day or 3320=660 per month. the month was 33 per day or 3320=660 per month. The other costs incurred by the business include: - Generalandadministrative salaries The other costs incurred by the business include: - Generaland administrative salaries o Receptionist: $1,950 - Office supplies: \$200 - Other business equipment:\$150 Variance At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated: - The collar makerhad to worknine hours a day instead of eight due to an increased demand for collars. - Because of the increased demand, the hourly rate you paid your employee formaking the collars increased to $16.50. - An increase in the cost of raw material led the direct material cost per collar to increase to \$10. - However, you also made and sold 60 more collars than you expected to sell in the month. You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Twobased on the market research data. Total Variable Costs per Leash Harnesses Item High-tensile stren ath nylon webbi Polyester/mylon ribbons Buckles made of east hardware Price tags Total Variable Costs per Harness Milestone Two - Break-Even Analysis Milestone Three - Statement of Cost of Goods Sold Milestone Three - Income Statement Revenue: Collars Leashes Harnesses 10 Total Revenue: 11 Cost of goods sold. 12 Gross profit Data for Variance Analysis: \begin{tabular}{|l|c|c|c|c|} \hline & Budgeted (Standard) Hours/Oty & Budgeted (Standard) Rate & Actual Hours/aty & Rate \\ \cline { 2 - 5 } & & & \\ \hline \multirow{2}{*}{ Labor } & & \\ \hline \end{tabular} udgeted for certain materials and labor against the actual amounts you spent on the same. or your statement of cost of goods sold, use the following data regarding the actual costs incurred by he business over the past month: Materials purchased: $20,000 - 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. Ise the following revenue and cost information for the income statement. Note that the revenue you ise will depend on the pricing level options you chose in Milestone Two. Also, assume that after coounting for weekends and other holidays, there were 20 business days in the first month of peration. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in hemonth was 33 per day or 3320=660 per month. the month was 33 per day or 3320=660 per month. The other costs incurred by the business include: - Generalandadministrative salaries The other costs incurred by the business include: - Generaland administrative salaries o Receptionist: $1,950 - Office supplies: \$200 - Other business equipment:\$150 Variance At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated: - The collar makerhad to worknine hours a day instead of eight due to an increased demand for collars. - Because of the increased demand, the hourly rate you paid your employee formaking the collars increased to $16.50. - An increase in the cost of raw material led the direct material cost per collar to increase to \$10. - However, you also made and sold 60 more collars than you expected to sell in the month. You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Twobased on the market research data
