I NEED HELP ASAP PLEASE!!!!

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: $20,000

oConsumed 80% of the purchased materials

Direct labor: $8,493.33

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. Also, 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 33 x 20 = 660 per month.

Established Sales Number of Items Sold per Price Day Collars $20 33 $24 28 $28 23 Leashes $22 28 $26 23 $30 18 Harnesses $25 25 $30 22 $35 20ACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut Arial Black - 12 AA = al Wrap Text General EX AutoSum ~ AY O Copy Fill Paste E $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Format Painter Merge & Center Formatting * Table * Styles ~ Clear Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing D27 X Y X D E F G H M N O P Q R S 6 Putting an X in the appropriate spot, classify the costs as: Direct Material, Direct Labor, Overhead, or Period Costs. 7 The Fixed and Variable cost classifications have been provided for you. 8 Direct Direct 9 Item/Cost Material Labor Overhead Period Costs Fixed Variable 12 Salary - Collar maker X 13 Salary - Leash maker X X ...... 14 Salary - Harness maker X Salary - Receptionist 16 High-tensile strength nylon webbing . . . . ........................". 17 Polyester/ nylon ribbons X X 18 Buckles made of cast hardware X 19 Depreciation on sewing machines 20 Rent X X 21 Utilities and insurance X 22 Scissors, thread, and cording X X 23 Price tags X -. ....... 24 Office supplies X Oter business equipment 26 Loan payment - . . . . ...................... 27 Salary to self X 28 29 30 31 32 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + Ready + 90% Type here to search O W 11:06 PM 6/6/2021 EACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut EX AutoSum ~ Calibri - 10 AA = al Wrap Text General AY O Fill Copy Conditional Format as Cell Insert Delete Format Sort & Find & Paste Format Painter BIULA = Merge & Center $ ~ % " Formatting " Table . Styles ~ Clear ~ Filter ~ Select ~ Cells Clipboard Font Number Styles Editing Alignment G55 X Y B C D E F G H K L M N 0 P Q A 41 42 Harnesses 44 Item Variable Cost/Item Item Fixed Costs 46 High-tensile strength nylon webbing 6.00 Harness maker's salary 2,720.00 47 Polyesterylon ribbons 4.50 Depreciation on sewing machines 55.00 48 Buckles made of cast hardware 4.00 Rent 250.00 49 Price tags 0.10 Utilities and insurance 200.00 50 Scissors, thread, and cording 400.00 51 Loan 183.33 52 Salary to self 166.67 53 54 55 57 Total Variable Costs per Harness $ 14.60 Total Fixed Costs $ 3,975.00 58 60 61 62 63 64 65 66 68 69 70 71 72 73 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + - + 100% Ready 11:06 PM E Type here to search O W 6/6/2021ACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut = EX AutoSum ~ Calibri - 10 AA al Wrap Text Accounting AY O Copy Fill Paste BIULA Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Format Painter Formatting * Table . Styles ~ Clear Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing F11 X Y =F8-F9 A B C D E F G H K M N P Q R S Milestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES Sales Price per Unit S 24.00 S 26.00 S 30.00 Variable Cost per Unit 9.10 12.10 14.60 11 Contribution Margin $ 14.90 $ 13.90 $ 15.40 14 15 16 17 18 19 20 21 22 23 24 26 27 28 29 30 31 32 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + Ready - + 100% 11:06 PM Type here to search O W 6/6/2021 EACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut EX AutoSum ~ Calibri - 10 AA = al Wrap Text General AY O Copy Fill Cell Sort & Find & Paste Format Painter BIULA =Merge & Center $ ~ % " Conditional Format as Insert Delete Format Formatting " Table " Styles Clear ~ Filter ~ Select Clipboard Font Alignment N Number Styles Cells Editing 133 X B C D E F G H K L M N O P Q R S T 1 Milestone Two - Break-Even Analysis COLLARS LEASHES HARNESSES Sales Price S 24.00 26.00 S 30.00 8 Fixed Costs 4,029 3,815 $ 3,975 10 11 Contribution Margin 14.90 S 13.90 S 15.40 12 13 Break-Even Units (round up) 270.00 274.00 258.00 14 16 17 Target Profit S 300.00 S 400.00 S 500.00 18 19 Break-Even Units (round up) 291.00 303.00 291.00 20 22 23 Target Profit S 500.00 S 600.00 650.00 24 25 Break-Even Units (round up) 304.00 318.00 300.00 26 28 29 30 31 32 33 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + Ready + 100% 11:06 PM Type here to search O W 6/6/2021 EACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut Calibri - 10 AA = al Wrap Text General EX AutoSum ~ AY O Copy Fill Paste $ ~ % " Cell Format Painter BIULA Merge & Center Conditional Format as Insert Delete Format Sort & Find & Formatting " Table " Styles ~ Clear Filter ~ Select ~ Clipboard Font Alignment Number Styles Cells Editing 130 X A B C D E F G H K L M N 0 P Q R Milestone Three - Statement of Cost of Goods Sold WN 6 Beginning Work in Process Inventory 0 7 Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use 12 Deduct: Ending materials 14 Materials Used 15 16 Direct Labor 17 Overhead 19 Total Costs 20 21 Deduct: Ending Work in Process Inventory 22 23 Cost of Goods Sold 24 25 26 27 28 29 30 31 32 33 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + Ready + 100% 11:06 PM Type here to search O W 6/6/2021 ETaliyah Cross X ACC 202 Project Workbook (2) - Excel Share File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do AutoSum ~ Cut EX Calibri - 10 AA = al Wrap Text General AY O Fill Copy Cell Insert Delete Format Sort & Find & Paste BIULA E Merge & Center $ ~ % " Conditional Format as Format Painter Formatting * Table . Styles ~ Clear Filter ~ Select Font Alignment N Styles Editing Clipboard Number Cells A10 X V fx Total Revenue: K L M N P Q R A B C D E F G H P Milestone Three - Income Statement I w Revenue: Collars S Leashes CO Harnesses 9 10 Total Revenue: $ 11 Cost of goods sold 12 Gross profit 13 14 Expenses: 15 General and administrative salaries S 16 Depreciation 17 Rent 1 18 Utilities and insurance 19 Scissors, thread, and cording 20 Loan 21 22 Total Expenses 23 24 Net Income/Loss 25 26 27 29 30 21 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement |Variances + + 100% Ready 11:06 PM w E Type here to search O 6/6/2021ACC 202 Project Workbook (2) - Excel Taliyah Cross X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share Cut AutoSum ~ Calibri - 10 AA al Wrap Text General EX AY O Copy Fill Paste Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Format Painter BIULA Formatting * Table * Styles ~ Clear ~ Filter ~ Select Clipboard Font Alignment N Number Styles Cells Editing E6 X V Actual B C D E F G H K M N P Q R S A 2 Milestone Three - Variance Analysis + w 5 Data for Variance Analysis: Budgeted Budgeted Actual Actual (Standard) (Standard) Hours/Qty Rate Hours/Qty Rate 8 9 10 11 Materials 12 13 14 15 Variances for Collar Sales Favorable/ 16 Variance Unfavorable 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 S 22 23 Direct Materials Quantity/Efficiency Variance 24 (Actual Quantity - Standard Quantity) x Standard Price S 25 26 Direct Materials Price Variance 27 (Actual Price - Standard Price) x Actual Quantity 28 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + Ready - + 100% 11:07 PM Type here to search O W 6/6/2021 E