PLEASE TYPE OUT WORKING EXCEL FORMULAS THAT GOES WITH EACH NUMBER TOTAL

PLEASE TYPE OUT WORKING EXCEL FORMULAS THAT GOES WITH EACH NUMBER TOTAL

ACC 202 Milestone One: Operational Costs Data Appendix 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 o 3 collars per yard of webbing o 2 leashes per yard of webbing o 2 harnesses per yard of webbing Polyesterylon ribbons-$9 per yard of ribbon o 3 collars per yard of webbing o 2 leashes per yard of webbing o 2 harnesses per yard of webbing Buckles made of cast hardware-$0.50 per buckle o 4 buckles used per collar o 3 buckles used per leash o 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 Milestone One - Variable and Fixed Costs Collars Item Variable Cost/Item High-tensile strength nylon webbi $ 4.00 Polyesterylon ribbons Buckles made of cast hardware Price tags Fixed Costs 2,773.33 $ Item Collar maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self $ S 183.33 166.67 Total Variable Costs per Collar Total Fixed Costs Fixed Costs Leashes Item Variable Cost/Item High-tensile strength nylon webbing Polyesterylon ribbons Buckles made of cast hardware Price tags Item Leash maker's salary (monthly Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self Total Variable Costs per Leash Total Fixed Costs Fixed Costs Harnesses Item Variable Cost/Item High-tensile strength nylon webbing Polyesterylon ribbons Buckles made of cast hardware Price tags Item Harness maker's salary Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan Salary to self Total Variable Costs per Harness Total Fixed Costs Milestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES Sales Price per Unit Variable Cost per Unit Contribution Margin Milestone Two - Break-Even Analysis COLLARS LEASHES HARNESSES Sales Price $ $ $ Fixed Costs $ 5 $ Contribution Margin $ Break-Even Units (round up) Target Profit 300.00 400.00 500.00 Break-Even Units (round up) Target Profit 500.00 600.00 650.00 Break-Even Units (round up) Milestone Three - Statement of Cost of Goods Sold 0 0 Beginning Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials Materials Used Direct Labor Overhead Total Costs Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold Milestone Three - Income Statement $ Revenue: Collars Leashes Harnesses $ Total Revenue: Cost of goods sold Gross profit $ $ Expenses: General and administrative salaries Depreciation Rent Utilities and insurance Scissors, thread, and cording Loan $ Total Expenses Net Income/Loss $ Milestone Three - Variance Analysis Data for Variance Analysis: Budgeted (Standard) Hours/Qty Budgeted (Standard) Rate Actual Hours/Qty Actual Rate Labor Materials Variances for Collar Sales Favorable/ Unfavorable Variance 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