Currently completing my final project for managerial accounting.

Slide 11 asks: [Compare the actual cost of goods sold over the last month and evaluate the company's performance against the budgeted benchmarks. Are the numbers close to what you expected? Interpret the performance and explain what happened.]

Slide 12: [Based on your income statement, logically interpret the business's performance against the provided benchmarks. Did the company do as well as expected? Explain what happened.].

Milestone Three - Statement of Cost of Goods Sold Beginning Work in Process Inventory 0 Direct Materials: Materials: Beginning 0 Add: Purchases for month of January $ 20,000 Materials available for use 20,000 Deduct: Ending materials 4,000 Materials Used S 16,000 Direct Labor 8,493 * the .35 won't show up and the rubric did not state to round up. Overhead 3,765 Total Costs S 28,258 * $28258.35 Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold S 28,258.33A B C D E F G Milestone Three - Income Statement Revenue: Collars S 13,440 $24 collar * 23 units * 20 days Leashes 10,800 $30 leash * 18 units * 20 days Harnesses 14,000 $35 harness * 20 units * 20 days Total Revenue: 5 38,240 Cost of goods sold 28,258 33 rounded to the nearest dollar Gross profit S 9,982 Expenses: General and administrative salaries S 2,450 $1950 + $500 Depreciation 165 Rent 750 Utilities and insurance 600 Scissors, thread, and cording $ 1,200.00 Loan 550 Total Expenses 5,715.00 Net Income/Loss S 4,266.67Milestone Three - Variance Analysis Data for Variance Analysis: Budgeted Budgeted Actual Actual (Standard) (Standard) Hours/Qty Rate Hours/Qty Rate Labor 160 S 16.00 180 S 16.50 Material5 600 S 9.10 660 5 10.00 Variances for Collar Sales Favorable/ Variance Unfavorable Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate S 320.00 Unfavorable Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours S 90.00 Unfavorable Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price S 546.00 Unfavorable Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity S 594.00 Unfavorable