Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need To Complete COGS, Inc Statement and Variances And need to show my work can you please show me the equations A B 1 2
Need To Complete COGS, Inc Statement and Variances And need to show my work can you please show me the equations
A B 1 2 Milestone One - Variable and Fixed Costs 3 4 5 Collars 7 Item 9 High-tensile strength nylon webbing $ 10 Polyesterylon ribbons 11 Buckles made of cast hardware 12 Price tags $ 13 14 15 16 17 1.9 Total Variable Costs per Coll $ 20 22 23 Leashes 25 Item 27 High-tensile strength nylon webbing $ 28 Polyesterylon ribbons $ 29 Buckles made of cast hardware 30 Price tags $ 31 32 33 34 35 36 38 Total Variable Costs per Lea_$ 39 39 41 42 Harnesses 44 Item 46 High-tensile strength nylon webbing $ 47 Polyesterylon ribbons $ 48 Buckles made of cast hardware $ 49 Price tags $ 50 51 52 53 54 55 57 Total Variable Costs per Har $ 58 Ready ariable Cost/ltem 4.00 3.00 2.00 0.10 9.10 ariable Costiltem 6.00 4.50 1.50 0.10 12.10 ariable Cost/ltem 6.00 4.50 4.00 0.10 14.60 Cost Classification 2. Accessibility: Good to go C Variable and Fixed Costs D Item Collar maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self Total Fixed Costs $ 4,028.33 Item Fixed Costs $ 2,773.33 Leash maker's salary (monthly) Depreciation on sewing machines Rent $ 55.00 $ Utilities and insurance $ 250.00 200.00 400.00 Scissors, thread, and cording $ Loan payment $ 183.33 Salary to self $ 166.67 Total Fixed Costs $ 4,028.33 Item Fixed Costs Harness maker's salary $ 2,946.67 55.00 Depreciation on sewing machines $ Rent $ 250.00 Utilities and insurance $ 200.00 $ 400.00 Scissors, thread, and cording Loan Salary to self $ 183.33 166.67 $ Total Fixed Costs $ 4,201.67 Break-Even Analysis Contribution Margin Analysis E Fixed Costs $ $ 2,773.33 55.00 250.00 200.00 $ $ $ $ 400.00 183.33 166.67 $ F G H 55 ####### I J K L M N COGS Income Statement 0 P Variances A B Milestone Two - Break-Even Analysis Sales Price Fixed Costs Contribution Margin Break-Even Units (round up) Target Profit Break-Even Units (round up) Target Profit Break-Even Units (round up) 1 2 3 4 5 7 8 9 10 11 12 13 14 16 17 18 19 20 22 23 24 25 26 28 29 30 31 32 33 Ready $ $ COLLARS $ $ D 20.00 22.00 4,028 4,028 10.90 9.90 370.00 407.00 300.00 400.00 398 448 500.00 600.00 416.00 468.00 Cost Classification Variable and Fixed Costs Break-Even Analysis Accessibility: Investigate E LEASHES $ $ $ $ $ $ $ $ G HARNESSES H 25.00 4,202 10.40 405.00 500.00 453 650.00 467.00 Contribution Margin Analysis I COGS A B 2 3 Milestone Two - Contribution Margin Analysis 4 5 6 COLLARS 8 Sales Price per Unit 9 Variable Cost per Unit 11 Contribution Margin 12 14 15 16 17 1 NT 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Ready Cost Classification Accessibility: Investigate $ 20.00 9.10 $ 10.90 Variable and Fixed Costs D LEASHES E F HARNESSES (5) G $ 22.00 $ 25.00 12.10 14.60 $ 9.90 $ 10.40 Break-Even Analysis Contribution Margin Analysis A B 1 2 Milestone Three - Statement of Cost of Goods Sold 3 4 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 Direct Labor 16 Overhead 18 Total Costs 19 20 Deduct: Ending Work in Process Inventory 21 22 Cost of Goods Sold 23 24 25 26 27 28 29 30 31 32 33 Ready Cost Classification F G Variable and Fixed Costs Break-Even Analysis Contribution Margin Analysis COGS Accessibility: Investigate 0 $ D E A 1 2 Milestone Three - Income Statement 3 4 5 Revenue: 6 Collars 7 Leashes 8 Harnesses 9 10 Total Revenue: 11 Cost of goods sold 12 Gross profit 13 14 Expenses: 15 General and administrative salaries 16 Office supplies 17 Other business equipment 18 19 Total Expenses 20 21 Net Income/Loss 22 23 24 26 27 28 29 30 Ready Cost Classification Accessibility: Investigate $ $ B Variable and Fixed Costs $ $ $ $ Break-Even Analysis D G Contribution Margin Analysis E F H | J COGS Income Statement A B 1 2 Milestone Three - Variance Arlalysis 3 4 5 Data for Variance Analysis: Budgeted (Standard) Hours/Qty 6 7 8 Labor 9 10 11 Materials 12 13 14 15 Variances for Collar Sales 16 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 28 29 30 Cost Classification Ready Accessibility: Investigate Budgeted (Standard) Rate Variable and Fixed Costs D Actual Hours/Qty Variance $ $ $ $ Break-Even Analysis E Actual Rate Favorable/ Unfavorable F G H Contribution Margin Analysis K COGS Income Statement L M Variances A B 1 2 Milestone One - Variable and Fixed Costs 3 4 5 Collars 7 Item 9 High-tensile strength nylon webbing $ 10 Polyesterylon ribbons 11 Buckles made of cast hardware 12 Price tags $ 13 14 15 16 17 1.9 Total Variable Costs per Coll $ 20 22 23 Leashes 25 Item 27 High-tensile strength nylon webbing $ 28 Polyesterylon ribbons $ 29 Buckles made of cast hardware 30 Price tags $ 31 32 33 34 35 36 38 Total Variable Costs per Lea_$ 39 39 41 42 Harnesses 44 Item 46 High-tensile strength nylon webbing $ 47 Polyesterylon ribbons $ 48 Buckles made of cast hardware $ 49 Price tags $ 50 51 52 53 54 55 57 Total Variable Costs per Har $ 58 Ready ariable Cost/ltem 4.00 3.00 2.00 0.10 9.10 ariable Costiltem 6.00 4.50 1.50 0.10 12.10 ariable Cost/ltem 6.00 4.50 4.00 0.10 14.60 Cost Classification 2. Accessibility: Good to go C Variable and Fixed Costs D Item Collar maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self Total Fixed Costs $ 4,028.33 Item Fixed Costs $ 2,773.33 Leash maker's salary (monthly) Depreciation on sewing machines Rent $ 55.00 $ Utilities and insurance $ 250.00 200.00 400.00 Scissors, thread, and cording $ Loan payment $ 183.33 Salary to self $ 166.67 Total Fixed Costs $ 4,028.33 Item Fixed Costs Harness maker's salary $ 2,946.67 55.00 Depreciation on sewing machines $ Rent $ 250.00 Utilities and insurance $ 200.00 $ 400.00 Scissors, thread, and cording Loan Salary to self $ 183.33 166.67 $ Total Fixed Costs $ 4,201.67 Break-Even Analysis Contribution Margin Analysis E Fixed Costs $ $ 2,773.33 55.00 250.00 200.00 $ $ $ $ 400.00 183.33 166.67 $ F G H 55 ####### I J K L M N COGS Income Statement 0 P Variances A B Milestone Two - Break-Even Analysis Sales Price Fixed Costs Contribution Margin Break-Even Units (round up) Target Profit Break-Even Units (round up) Target Profit Break-Even Units (round up) 1 2 3 4 5 7 8 9 10 11 12 13 14 16 17 18 19 20 22 23 24 25 26 28 29 30 31 32 33 Ready $ $ COLLARS $ $ D 20.00 22.00 4,028 4,028 10.90 9.90 370.00 407.00 300.00 400.00 398 448 500.00 600.00 416.00 468.00 Cost Classification Variable and Fixed Costs Break-Even Analysis Accessibility: Investigate E LEASHES $ $ $ $ $ $ $ $ G HARNESSES H 25.00 4,202 10.40 405.00 500.00 453 650.00 467.00 Contribution Margin Analysis I COGS A B 2 3 Milestone Two - Contribution Margin Analysis 4 5 6 COLLARS 8 Sales Price per Unit 9 Variable Cost per Unit 11 Contribution Margin 12 14 15 16 17 1 NT 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Ready Cost Classification Accessibility: Investigate $ 20.00 9.10 $ 10.90 Variable and Fixed Costs D LEASHES E F HARNESSES (5) G $ 22.00 $ 25.00 12.10 14.60 $ 9.90 $ 10.40 Break-Even Analysis Contribution Margin Analysis A B 1 2 Milestone Three - Statement of Cost of Goods Sold 3 4 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 Direct Labor 16 Overhead 18 Total Costs 19 20 Deduct: Ending Work in Process Inventory 21 22 Cost of Goods Sold 23 24 25 26 27 28 29 30 31 32 33 Ready Cost Classification F G Variable and Fixed Costs Break-Even Analysis Contribution Margin Analysis COGS Accessibility: Investigate 0 $ D E A 1 2 Milestone Three - Income Statement 3 4 5 Revenue: 6 Collars 7 Leashes 8 Harnesses 9 10 Total Revenue: 11 Cost of goods sold 12 Gross profit 13 14 Expenses: 15 General and administrative salaries 16 Office supplies 17 Other business equipment 18 19 Total Expenses 20 21 Net Income/Loss 22 23 24 26 27 28 29 30 Ready Cost Classification Accessibility: Investigate $ $ B Variable and Fixed Costs $ $ $ $ Break-Even Analysis D G Contribution Margin Analysis E F H | J COGS Income Statement A B 1 2 Milestone Three - Variance Arlalysis 3 4 5 Data for Variance Analysis: Budgeted (Standard) Hours/Qty 6 7 8 Labor 9 10 11 Materials 12 13 14 15 Variances for Collar Sales 16 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 28 29 30 Cost Classification Ready Accessibility: Investigate Budgeted (Standard) Rate Variable and Fixed Costs D Actual Hours/Qty Variance $ $ $ $ Break-Even Analysis E Actual Rate Favorable/ Unfavorable F G H Contribution Margin Analysis K COGS Income Statement L M Variances
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started