Excel Project #1 Rose Meyer has decided to open an at-home bakery called Rosewater Baked Goods. Rose plans to sell cookies, cupcakes and specialty breads every weekend at a local farmer's market. After much consideration, Rose has decided to use the three recipes below for her business. Please review the recipe cards for information on ingredients and labor required as well as the yield from each batch. Chocolate Chip Cookies: Recipe Card #1 Chocolate Cupcakes: Recipe Card #2 Banana Bread: Recipe Card #3 After some research, Rose has determined the price of ingredients and compiled a list at the below link. Ingredient Prices Rose has determined she will need to buy new bakery equipment for a total of $6,000. The bakery equipment has a 5 year useful life and $1,000 salvage value. She also wants to buy a Point-of-Sale (POS) system so that she can accept credit cards. The hardware for the POS system costs $2,500 and has a 5 year useful life and no salvage value. Rose will also need to pay a $50 monthly fee for the POS software. Rose plans to spend $100 per month on advertising, $300 per month on insurance, and $200 per month on rent for a stand at the local farmer's market. Variable overhead (parchment paper, cooking spray, etc.) is $0.75 per unit. Rose plans to do all of the mixing, baking, decorating, and packaging herself at a rate of $15 per hour. She has hired her daughter, Sue, to run the stand at the farmer's market for her at a rate of $10 per hour. The farmer's market is open on Saturdays and Sundays from 8am to 3pm for 50 weeks during the year. Sue will need 30 minutes to set up the stand each day and 30 minutes to take down the stand each day. Sue's hours do not fluctuate based on customer activity or production. The farmer's market Rose plans to sell her baked goods at is in a high-traffic area and very popular, therefore Rose expects to sell 36,000 units during the year. One unit can be a cookie, a cupcake or a slice of bread. For her first year in operations, Rose has hired you to assist with the bookkeeping. She has come up with a list of tasks she would like your help with which you can find on the subsequent tabs. Please review and complete the tasks as requested. General Hints A "batch" is one recipe card, i.e. 24 cookies, 24 cupcakes or 12 slices of bread. Make sure your calculations are consistent, i.e. in batches or on a per unit basis. Make use of cell references and formulas wherever possible. Round calculations to 2 decimal points (typically only necessary when using division). You may find it helpful to go through the additional tabs of info first to do calculations ahead of the task tabs so you can reference back to them. Finally, Rose has asked you to assist with preparing a Schedule of Cost of Goods Manufactured and Sold, an Income Statement and a Balance Sheet for her first year of operations. Please complete the templates below. Enter "Less" as a negative number. Rosewater Baked Goods Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 1 Beginning raw materials inventory Plus: Purchases Raw materials available for use Less: Ending raw materials inventory Direct raw materials used Direct labor Overhead (actual) Total manufacturing costs Plus: Beginning work in process inventory Total work in process inventory Less: Ending work in process inventory Cost of goods manufactured Plus: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold Rosewater Baked Goods Income Statement For the Year Ended December 31, Year 1 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Net income Rosewater Baked Goods Balance Sheet As of December 31, Year 1 Assets Cash Inventory Bakery equipment (net of accumulated depreciation) POS System equipment (net of accumulated depreciation) Total Assets Owner's Equity Paid-in capital Retained earnings Total Owner's Equity