I wanted to confirm whether I was headed in the right direction with responding to:

Statement of Cost of Goods Sold: Prepare the statement of cost of goods sold in the COGS tab of the workbook. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

Income Statement: Use the given revenue data to prepare the Income Statement tab table and calculate the net income. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

Variance Analysis: Prepare the data in the Variances tab to determine whether the variances are favorable or unfavorable. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

ACC 202 M lestone Three: Actual Costs and Revenue Data Appendix M the end of the first manth of opening your business, you cakalate the actual operating conti of the tousisess and the inoo-e you earned. You also sotice and document the difference in what yoa todgeted for certain materials and labor against the actal amoanti you spent on the sates. For your statement af cost af gooth sold, use the following data regarding the actual coils incurred ty the buineidi aver the past menth: Materiahi purchased: 520,000 a Consu-td a0\$ of the purchased materials Direct laker: $8,493 Overthead costi: $3,765 Note: Assate that the teginting materials and andisg wark in proctss are zere for the month. Use the following revenue and cost informatiou for the income statement. Note that the revenue you use wil depend oa the pricisp level aptiens you chose is Milestose Two. Aso, ariume that aftar acceumine for weekesds and other holidayd, there were 20 business days is the first manth of eperation. For example, if you chorie a salei price of $20 per colar, the actal number of collari sold in the mavth was 33 per day of 3320=660 per mavth. The ather cests incarred by the husiress inclade: General and administrative salaries a feceptionist: $1,950 ofrioe sapplies: $200 Other tusidess aquipment 5150 Variance At the end of the thonh. you fice that the labor and ma beriak spent en manufacturing collari was different frem what you estintated: The collar maker had to work nine hodrs a day ifilead of eight due to ant increaried demard for cellark. Qecarane of the increased demand, the heurly fate you faid your employee lor thalang thal collars increaridd to 516.50 . - Ah increase in the cent of raw material led the direct malerial coil per collar so increase to 510. - Howeroer, you alio made and sold 60 more collars than you espected bo sel in the menth. You new fowd to debermine the variance in the materials and labor cost fromn anaat you estimased is Mleilone Two laebid ost the tarkel research darla. Takel ble Garkr per Gi 4.10 Tak-l Fix*d Gerkr Le 12.10 Takdl Fix*d Carkr Harnesses Takal idle Gark per H Tak-1 Fixad Gark I have chosen this sell price because the total contribution margin is highest under this option. Sales Price \begin{tabular}{lr} \multicolumn{2}{c}{ COLLARS } \\ $28.00 \end{tabular} Fixed Costs $4,028 \begin{tabular}{cr} \multicolumn{2}{c}{ LEASHES } \\ \hline$ & 30.00 \\ $ & 4,028 \end{tabular} \begin{tabular}{lr} \multicolumn{2}{c}{ HARNESES } \\ \hline$ & 35.00 \\ $ & 4,202 \end{tabular} Contribution Margin Break-Even Units (round up) 20.40 $300.00 230.00 $400.00 248.00 $500.00 231.00 Target Profit Break-Even Units (round up) $500.00 240.00 $600.00 259.00 $650.00 238.00 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis Beginning Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials \begin{tabular}{r} 0 \\ $20,000 \\ \hline 20,000 \\ 4,000 \end{tabular} Materials Used Direct Labor Overhead Total Costs \begin{tabular}{rr} \hline & 16,000 \\ 8,493 \\ 3,765 \\ \hline$ & 28,258 \end{tabular} Deduct: Ending Work in Process Inventory Cost of Goods Sold $28,258 Revenue: Collars Leashes Harnesses $$$12,88010,80014,000 Total Revenue: Cost of goods sold Gross profit \begin{tabular}{rr} $ & 37,680 \\ 28,258 \\ \hline$ & 9,422 \\ \hline \end{tabular} Expenses: General and administrative salaries Office supplies Other business equipment $,950 200 150 Total Expenses Net Income/Loss \begin{tabular}{rr} \hline$ & 2,300 \\ \hline$ & 7,121.67 \\ \hline \end{tabular} Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Accessibility: Good to go Data for Variance Analysis: Variances for Collar Sales Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity ACC 202 M lestone Three: Actual Costs and Revenue Data Appendix M the end of the first manth of opening your business, you cakalate the actual operating conti of the tousisess and the inoo-e you earned. You also sotice and document the difference in what yoa todgeted for certain materials and labor against the actal amoanti you spent on the sates. For your statement af cost af gooth sold, use the following data regarding the actual coils incurred ty the buineidi aver the past menth: Materiahi purchased: 520,000 a Consu-td a0\$ of the purchased materials Direct laker: $8,493 Overthead costi: $3,765 Note: Assate that the teginting materials and andisg wark in proctss are zere for the month. Use the following revenue and cost informatiou for the income statement. Note that the revenue you use wil depend oa the pricisp level aptiens you chose is Milestose Two. Aso, ariume that aftar acceumine for weekesds and other holidayd, there were 20 business days is the first manth of eperation. For example, if you chorie a salei price of $20 per colar, the actal number of collari sold in the mavth was 33 per day of 3320=660 per mavth. The ather cests incarred by the husiress inclade: General and administrative salaries a feceptionist: $1,950 ofrioe sapplies: $200 Other tusidess aquipment 5150 Variance At the end of the thonh. you fice that the labor and ma beriak spent en manufacturing collari was different frem what you estintated: The collar maker had to work nine hodrs a day ifilead of eight due to ant increaried demard for cellark. Qecarane of the increased demand, the heurly fate you faid your employee lor thalang thal collars increaridd to 516.50 . - Ah increase in the cent of raw material led the direct malerial coil per collar so increase to 510. - Howeroer, you alio made and sold 60 more collars than you espected bo sel in the menth. You new fowd to debermine the variance in the materials and labor cost fromn anaat you estimased is Mleilone Two laebid ost the tarkel research darla. Takel ble Garkr per Gi 4.10 Tak-l Fix*d Gerkr Le 12.10 Takdl Fix*d Carkr Harnesses Takal idle Gark per H Tak-1 Fixad Gark I have chosen this sell price because the total contribution margin is highest under this option. Sales Price \begin{tabular}{lr} \multicolumn{2}{c}{ COLLARS } \\ $28.00 \end{tabular} Fixed Costs $4,028 \begin{tabular}{cr} \multicolumn{2}{c}{ LEASHES } \\ \hline$ & 30.00 \\ $ & 4,028 \end{tabular} \begin{tabular}{lr} \multicolumn{2}{c}{ HARNESES } \\ \hline$ & 35.00 \\ $ & 4,202 \end{tabular} Contribution Margin Break-Even Units (round up) 20.40 $300.00 230.00 $400.00 248.00 $500.00 231.00 Target Profit Break-Even Units (round up) $500.00 240.00 $600.00 259.00 $650.00 238.00 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis Beginning Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials \begin{tabular}{r} 0 \\ $20,000 \\ \hline 20,000 \\ 4,000 \end{tabular} Materials Used Direct Labor Overhead Total Costs \begin{tabular}{rr} \hline & 16,000 \\ 8,493 \\ 3,765 \\ \hline$ & 28,258 \end{tabular} Deduct: Ending Work in Process Inventory Cost of Goods Sold $28,258 Revenue: Collars Leashes Harnesses $$$12,88010,80014,000 Total Revenue: Cost of goods sold Gross profit \begin{tabular}{rr} $ & 37,680 \\ 28,258 \\ \hline$ & 9,422 \\ \hline \end{tabular} Expenses: General and administrative salaries Office supplies Other business equipment $,950 200 150 Total Expenses Net Income/Loss \begin{tabular}{rr} \hline$ & 2,300 \\ \hline$ & 7,121.67 \\ \hline \end{tabular} Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Accessibility: Good to go Data for Variance Analysis: Variances for Collar Sales Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity