looking for assistance on pictures labeled statement of cost of goods sold, income statement, and variance analysis. thank you

You plan to open a small business for manufacturing pet collars, leashes, and harnesses. You have found a workshop space you can use for sewing your products. After some research and planning, you have estimates for the various operating costs for your business. The total square footage for the sewing rooms is 1,500 square feet broken into three areas (500 square feet each). You have taken out a loan for start-up costs, and the monthly payment is $550; it goes into effect immediately and should be accounted for in your costs. You will also collect a modest salary for the first year of $500 per month; remember to divide evenly among the services. Salary and Hiring Data One collar maker, who will be paid $16.00 per hour and work 40 hours per week One leash maker, who will be paid $16.00 per hour and work 40 hours per week One harness maker, who will be paid $17.00 per hour and work 40 hours per week One receptionist, who will be paid $15.00 per hour and work 30 hours per week . . . Other Costs Rent: $750 per month; allocate based on square footage High-tensile strength nylon webbing-$12 per yard of webbing 3 collars per yard of webbing 2 leashes per yard of webbing 2 harnesses per yard of webbing Polyesterylon ribbons-$9 per yard of ribbon 3 collars per yard of webbing 2 leashes per yard of webbing 2 harnesses per yard of webbing Buckles made of cast hardware $0.50 per buckle 4 buckles used per collar 3 buckles used per leash 8 buckles used per harness 3 industrial sewing machines at $3,300 each for a total of $9,900; depreciation is $165 per month (5- year life) Utilities and insurance: $600 per month; allocate based on square footage Scissors, thread, cording: $1,200 Price tags: $250 for 2,500 ($0.10 each) Office supplies: $2,400 or $200 per month Other business equipment: $2,000 Loan payment of $550 per month Salary drawn of $500 per month DO . Is Focus 4 5 INSTRUCTIONS: 6 Putting an X in the appropriate spot, classify the costs as: Direct Material, Direct Labor, Overhead, or Period Costs. 7 The Fixed and Variable cost classifications have been provided for you. 8 Direct Direct 9 Item/Cost Material Labor Overhead Period Costs Fixed Variable Variable X 12 Salary - Collar maker 13 Salary - Leash maker 14 Salary - Harness maker 15 Salary - Receptionist 16 High-tensile strength nylon webbing 17 Polyesterylon ribbons 18 Buckles made of cast hardware 19 Depreciation on sewing machines XXX 20 Rent 21 Utilities and insurance 22 Scissors, thread, and cording 23 Price tags 24 Office supplies 25 Oter business equipment 26 Loan payment 27 Salary to self X X X X X X con clication Yoriblo and Fixed Conte contributie B 0 D E FI G 5. Collars 7 Item ariable Cost/ltem 3 High-tensile strength nylon webb$ 4.00 10 Polyesterylon ribbons $ 3.00 11. Buokles made of cast hardware $ 2.00 12 Price tags $ 0.10 13 Item Fixed Costs Collar maker's salary (monthly $ 2,560.00 Depreciation on sewing machine: $ 55.00 Rent $ 250.00 Utilities and insurance $ 200.00 Scissors, thread, and cording $ 400.00 Loan payment $ 188.33 Salary to self 166.67 15 16 17 119 Total Variable Costs per C $ 9.10 Total Fixed Costs $ 4,492.78 23 Leashes 25 Item Tiable Cost/ltem 27 High-tensile strength nylon webb $ 6.00 28 Polyesterinylon ribbons $ 4.50 29 Buckles made of cast hardware $ 1.50 30 Price tags $ 31 Item Fixed Costs Leash maker's salary (monthly) 33 2,560.00 Depreciation on sewing machine: $ 55.00 Rent 250.00 Utilities and insurance $ 200.00 Scissors, thread, and cording $ 400.00 Loan payment $ 183.33 Salary to sell $ 166.67 0.10 33 34 36 Total Variable Costs per L$ 12. 10 Total Fixed Costs $ 4,492.78 42 Harnesses 44 ltem ariable Costiltem 46 High-tensile strength nylon webb $ 6.00 47 Polyesterylon ribbons $ 4.50 48 Buckles made of cast hardware $ 4.00 49 Price tags $ 0. 10 Item Fixed Costs Harness maker's salary $ 2,720.00 Depreciation on sewing machine: $ 55.00 Rent $ 250.00 Utilities and insurance $ 200.00 Scissors, thread, and cording $ 400.00 Loan $ 183.38 Salary to self $ 166.67 52 54 Total Variable Costs per 14.60 Total Fixed costs $ 4.652.778 58 Milestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES $ $ $ Sales Price per Unit Variable Cost per Unit Contribution Margin 20.00 9.00 22.00 12.00 25.00 14.50 $ 11.00 $ 10.00 $ 10.50 4 5 COLLARS LEASHES HARNESSES Sales Price $ 20.00 $ 22.00 $ 25.00 7 8 Fixed Costs $ 5,860 $ 5,860 $ 6,031 9 10 Contribution Margin $ 11.00 $ 10.00 $ 10.50 11 12 13 14 Break-Even Units (round up) 533.00 586.00 574.00 16 17 18 Target Profit $ 300.00 $ 400.00 $ 500.00 19 Break-Even Units (round up) 560.00 626.00 622.00 20 22 23 Target Profit $ 500.00 $ 600.00 $ 650.00 24 25 Break-Even Units (round up) 578.00 646.00 636.00 26 28 29 1 2 Milestone Three - Statement of Cost of Goods Sold 3 4 0 0 6 Beginning Work in Process Inventory 7 Direct Materials: 8 Materials: Beginning 9 Add: Purchases for month of January 11 Materials available for use 12 Deduct: Ending materials 14 Materials Used 15 16 Direct Labor 17 Overhead 0 19 Total Costs 20 21 Deduct: Ending Work in Process Inventory 22 23 Cost of Goods Sold 24 25 26 2 Milestone Three - Income Statement o co aut WN o N Revenue: Collars Leashes Harnesses $ 7 $ $ $ 10 Total Revenue: 11 Cost of goods sold 12 Gross profit 13 14 Expenses: 15 General and administrative salaries 16 Depreciation 17 Rent 18 Utilities and insurance 19 Scissors, thread, and cording 20 Loan 21 22 Total Expenses 23 24 Net Income/Loss 25 26 $ $ 2 Milestone Three - Variance Analysis 3 4 5 Data for Variance Analysis: Budgeted (Standard) Hours/Qty. Budgeted (Standard) Rate Actual Hours/Qty Actual Rate 6 789 7 8 Labor 9 10 11 Materials 12. 13 14 15 Variances for Collar Sales 16 Favorable/ Unfavorable Variance $ $ 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 22 23 Direct Materials Quantity/Efficiency Variance 24 (Actual Quantity - Standard Quantity) x Standard Price 25 26 Direct Materials Price Variance 27 (Actual Price - Standard Price) x Actual Quantity $