Please check my Milestone 3 - Statement of Cost of Goods Sold and Help me with the Milestone three - income statement.

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Use the information in the Milestone Three Actual Costs and Revenue Data Appendix Word Document to evaluate your companys performance, and complete the remaining tabs in the Project Workbook Spreadsheet that you used for the Milestone One and Two assignments.

Specifically, you must address the following rubric criteria:

• 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.
  • Complete the data table for the variances by entering the budgeted (standard) and actual labor and material values. Remember to use the estimates for expected sales from your Milestone Two assignment.
  • Determine the variances for direct labor and direct materials in the Variances tab.
  • Evaluate the significance of the variances in the Variances tab, and mark them as favorable or unfavorable.

Milestone Three - Income Statement Revenue: Collars Leashes Harnesses Total Revenue: Cost of goods sold Gross profit Expenses: General and administrative salaries Office supplies Other business equipment Total Expenses Net Income/Loss Milestone Two: Market Research Data You have conducted some market research for style and size of products you want to use to launch your business. The market research has indicated the following sales price ranges will be optimal for your area depending on style of products you choose to sell: - Collars - With pricing at $20 per collar, you can expect to sell 30 collars per day. - With pricing at $24 per collar, you can expect to sell 25 collars per day. - With pricing at $28 per collar, you can expect to sell 20 collars per day - Leashes - With pricing at $22 per leash, you can expect to sell 28 leashes per day. - With pricing at $26 per leash, you can expect to sell 23 leashes per day. - With pricing at $30 per leash, you can expect to sell 18 leashes per day. - Harnesses - With pricing at $25 per harness, you can expect to sell 25 harnesses per day. - With pricing at $30 per harness, you can expect to sell 22 harnesses per day. - With pricing at $35 per harness, you can expect to sell 20 harnesses per day. Additionally, you will need to compare your break-even points for the following target profits for each area of your business to determine your prices: - Collars - Break-even - $300 target profit each month - $500 target profit each month - Leashes - Break-even - $400 target profit each month - $600 target profit each month - Harnesses - Break-even \$ $500 target profit each month - $650 target profit each month Remember that all break-even and target points must be in whole units (we cannot sell a partial unit). Round up when calculating partial units to ensure costs are covered. Excel tip - use ROUNDUP function a an Milestone Two - Break-Even Analysis Milestone Two - Contribution Margin Analysis Sales Price per Unit Variable Cost per Unit Contribution Margin \begin{tabular}{lr} \multicolumn{2}{c}{ COLLARS } \\ \hline$ & 20.00 \\ & 9.10 \\ \hline$ & 10.90 \\ \hline \end{tabular} LEASHES \begin{tabular}{lr} \hline$ & 22.0012.10 \\ \hline$ & 9.90 \\ \hline \end{tabular} HARNESSES \begin{tabular}{ll} \hline$ & 25.00 \\ & 14.60 \\ \hline$ & 10.40 \\ \hline \end{tabular} Milestone One - Variable and Fixed Costs Collars \begin{tabular}{lcc} Item & \multicolumn{2}{c}{ Variable Cost/Item } \\ \hline High-tensile strength nylon webbing & $ & 4.00 \\ Polyesterylon ribbons & $ & 3.00 \\ Buckles made of cast hardware & $ & 2.00 \\ Price tags & $ & 0.10 \end{tabular} Total Variable Costs per Collar \begin{tabular}{lrr} Item & \multicolumn{2}{c}{ Fixed Costs } \\ \hline Collar maker's salary (monthly) & $ & 2,773.33 \\ Depreciation on sewing machines & $ & 55.00 \\ Rent & $ & 250.00 \\ Utilities and insurance & $ & 200.00 \\ Scissors, thread, and cording & $ & 33.33 \\ Loan payment & $ & 183.33 \\ Salary to self & $ & 166.67 \end{tabular} Total Fixed Costs $3,661.67 Leashes \begin{tabular}{lcc} Item & \multicolumn{2}{c}{ Variable Cost/Item } \\ \hline High-tensile strength nylon webbing & $ & 6.00 \\ Polyesterylon ribbons & $ & 4.50 \\ Buckles made of cast hardware & $ & 1.50 \\ Price tags & $ & 0.10 \end{tabular} \begin{tabular}{lrr} Item & \multicolumn{2}{c}{ Fixed Costs } \\ \hline Leash maker's salary (monthly) & $ & 2,773.33 \\ Depreciation on sewing machines & $ & 55.00 \\ Rent & $ & 250.00 \\ Utilities and insurance & $ & 200.00 \\ Scissors, thread, and cording & $ & 33.33 \\ Loan payment & $ & 183.33 \\ Salary to self & $ & 166.67 \end{tabular} Total Variable Costs per Leash \begin{tabular}{l} \hline$12.10 \\ \hline \end{tabular} Total Fixed Costs $3,661.66 Harnesses \begin{tabular}{lcc} Item & \multicolumn{2}{c}{ Variable Cost/Item } \\ \hline High-tensile strength nylon webbing & $ & 6.00 \\ Polyesterylon ribbons & $ & 4.50 \\ Buckles made of cast hardware & $ & 4.00 \\ Price tags & $ & 0.10 \end{tabular} \begin{tabular}{lrr} Item & \multicolumn{2}{c}{ Fixed Costs } \\ \hline Harness maker's salary & $ & 2,946.67 \\ Depreciation on sewing machines & $ & 55.00 \\ Rent & $ & 250.00 \\ Utilities and insurance & $ & 200.00 \\ Scissors, thread, and cording & $ & 33.33 \\ Loan & $ & 183.33 \\ Salary to self & $ & 166.67 \end{tabular} Total Variable Costs per Harness Total Fixed Costs $3,835.00