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AutoSave O Off) ACC 202 Project Workbook Cassidy White - Saved O Search Sign in X File Home Insert Page Layout Formulas Data Review View Help Share Comments X Calibri 10 ~ A A ab Wrap Text General Ex AY O Paste $ ~ % " Cell Insert Delete Format Sort & Find & Ideas BIU~ CEE Merge & Center Conditional Format as Formatting * Table Styles Filter * Select Clipboard Font Alignment Number Styles Cells Editing Ideas A21 X V Deduct: Ending Work in Process Inventory A B C D E F G H K M N O WNE Milestone Three - Statement of Cost of Goods Sold Beginning Work in Process Inventory 0 Direct Materials: Materials: Beginning Add: Purchases for month of January 11 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 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + + 100% 8:32 AM X N e O W 4/4/2021ACC 202 Project Workbook Cassidy White - Saved X AutoSave O Off) O Search Sign in Share Comments File Home Insert Page Layout Formulas Data Review View Help X LO Calibri 10 ~ A A ab Wrap Text General Ex AY O Paste CEE Merge & Center $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas BIU- Formatting ~ Table Styles Filter * Select Number Cells Editing Ideas Clipboard Font Alignment Styles A10 X V Total Revenue: P A B C D E F G H K L M N O Revenue: Collars S Leashes Harnesses 9 10 Total Revenue: S 11 Cost of goods sold 12 Gross profit 13 14 Expenses: 15 General and administrative salaries S 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 27 Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + + 100% 8:32 AM X N e O W P 4/4/2021AutoSave O Off) ACC 202 Project Workbook Cassidy White - Saved O Search Sign in X File Home Insert Page Layout Formulas Data Review View Help Share Comments X LO Calibri 10 ~ A A ab Wrap Text General Ex AY O Paste $ ~ % " Conditional Format as Cell Insert Delete Format Sort & Find & Ideas BIU ~ CEE Merge & Center Formatting * Table Styles Filter * Select Clipboard Font Alignment Number Styles Cells Editing Ideas E6 X V Actual B C D E F G H K L M N P Data for Variance Analysis: Budgeted Budgeted Actual Actual Standard) (Standard) Hours/Qty Rate 6 Hours/Qty Rate 8 Labor 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 S 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 S Cost Classification Variable and Fixed Costs Contribution Margin Analysis Break-Even Analysis COGS Income Statement Variances + + 100% e 8:34 AM X N O W 4/4/2021AutoSave O Off) ACC 202 Milestone Three Actual Costs and Revenue Data Appendix - Saved Search Sign in X File Home Insert Design Layout References Mailings Review View Help Share Comments X Cut LO Calibri 12 ~ A" A" Aa* Po AaBbCcDc AaBbCcDo AaBbCcD AaBbCcDc AaBbCcDc Aal AaB Find [a Copy Gc Replace Paste BIU abX x A LA 1 Normal 1 No Spac... Heading 1 Heading 2 Heading 3 1 Title 1 Subtitle Format Painter Select Clipboard Font Paragraph Styles Editing 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 o Consumed 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 Warnareor Page 1 of 2 389 words Focus + 100% 8:37 AM X N e W P 4/4/2021AutoSave O Off) ACC 202 Milestone Three Actual Costs and Revenue Data Appendix - Saved Search Sign in X File Home Insert Design Layout References Mailings Review View Help Share Comments X Cut Find LO Calibri 12 ~ A" A Aa Po GEE 21 AaBbCcDc AaBbCcDc |AaBbCcD AaBbCcDc AaBbCcDc Aal AaB [a Copy Gc Replace Paste BIU abX x A LA 1 Normal 1 No Spac... Heading 1 Heading 2 Heading 3 1 Title 1 Subtitle Format Painter Select ~ Clipboard Font Paragraph Styles Editing 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 20 The other costs incurred by the business include: . General and administrative salaries Receptionist: $1,950 o Owner salary: $500 Depreciation: $165 Rent: $750 . . . Utilities and insurance: $600 Scissors, thread, and cording: $1,200 Loan repayment: $550 1 Page 1 of 2 389 words Focus + 100% 8:37 AM X N e W P 4/4/2021
