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The purpose of this case study is to help you integrate the managerial accounting concepts that were covered in class and apply them to a real-world business setting. Business Description projected nimhagenmer cupcakes. Jay has asked you for help with formulating the projected numbers for the business and help analyze if the company will be successful. Using the skils you have developed in and recommendations for the business venture. Jay opened the business on October 1. 2019 and has provided the financial information for the perio information provided below and other amounts calculated items based on the Cost information: . Jay purchases his cupcakes from a baker for $10.80 per dozen cupcakes. . Jay has a location near downtown that is rented for $800 per month. quilmes average $ 150 per month. Fixtures for the business were purchased for $7,700 (depreciation will be $1,100 day is open ( days per week from 10:00 AM until 6:00 PM. The store is operated Business insurance has been obtained at a cost of $800 per von . Jay has paid $1,500 for advertising during the first 3 months and plans on continuing with the current advertising. The financial statements prepared by Jay for the period October 1, 2019 through December 31, 2019 are attached. Requirements: Using separate tabs in a spreadsheet, provide your answers for the following. Develop the annual cost formula in Y = a + bX format, i.e. Total Costs = Fixed Jay is currently selling the cupcakes for $3.50 each. Determine if Jay's selling price is appropriate by researching what the target price should be. Research who the competition is and at what price they are selling gourmet information for at least 3 competitors. Based on the target price developed, a projection of selling 22,000 cupcakes with an expectation of a 15% profit what is the maximum cost allowable for all expenses? (15 points)- 23 000 cupcakes a year and would like to have a 15% profit (15 points), If the selling price is $3.50 per cupcake, what is the contribution margin per cupcake and contribution margin ratio (10 points). At a selling price of $3.50 per cupcake, how many cupcakes need to be sold Based on a selling price of this is explained in Module 16. Also, here is link to a video that explains how https:/www.youtube.com/watch?v=aEOD5FUgxyM) (20 points). Prepare a cash budget for the company's first year of operations based on sales of 22,000 cupcakes at a price of $3.50 per cupcake. The budget shoul all costs and expenses are paid in cash. Rent, insurance and andyama what costs will be paid on a monthly basis. A minimum cash balance of $2,500 8 Prepare the company's forecasted in points). 12/31/2020 based on the sale of 22,000 cupcakes at $3.50 per cupcake (15 9 Prepare a forecasted balance sheet as of December 31, 2020 based on the 10 prepared tospend two speech motive for the year ende points). 31, 2020 based on the sale of 22,000 cupcakes at $3.50 per cupcake (15 11 Describe a minimum of three variances that Jay could analyze to monitor the 12 business (minimum 200 words). (15 points) 13 you recommend to Jay? Why? (minimum 200 were What is your recommendation to Jay regarding this business venture? Provide an explanation incorporating the results of the calculations performed Jay's Cupcakes For the period October 1, 2019 through December 31, 2019 Cost of Goods Sold 17,500 Gross Profit 4,500 13,000 Operating Expenses 7-360 Advertising 2,400 Utilities 1, 500 epreciation 450 Insurance 200 12,185 Net Income 815 Jay's Cupcakes Retained Earnings Statement For the period October 1, 2019 through December 31, 2019 Retained Earnings, beginning Net Income Retained Earnings, ending Balance Sheet As of December 31, 2019 Current Assets Total Current Assets 8,390 8,390 Property, Plant, and Equipment, net $ 7,425 total Assets 15 , 815 Liabilities and Common Stock Retained Earnings 15,00 815 Total Liabilities and Equity 15,815