Would you be able to help me with the Variance Analysis for the collars?:

• 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.

Salary and Hiring Data - One collar maker, who will be paid $16.00 per hour and work 40 hours per week

Collars - With pricing at $28 per collar, you can expect to sell 20 collars per day

Variance

Also, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation.

At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated:

• The collar maker had to work nine hours a day instead of eight due to an increased demand for collars.
• Because of the increased demand, the hourly rate you paid your employee for making the collars increased to $16.50.
• An increase in the cost of raw material led the direct material cost per collar to increase to $10.
• However, you also made and sold 60 more collars than you expected to sell in the month.

You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Two based on the market research data.

B F 6 Hem 1 2 Milestone Three - Variance Analysis Data for Variance Analysis: Budgeted (Standard) Hours/Qty Budgeted (Standard) Rate Actual Hours/Qty Actual Rate 6 7 8 Labor 9 10 11 Materials 12 13 14 15 Variances for Collar Sales Favorable/ Unfavorable Variance $ $ 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) Actual Hours 22 23 Direct Materials Quantity/Efficiency Variance 24 (Actual Quantity - Standard Quantity) Standard Price 25 26 Direct Materials Price Variance 27 (Actual Price - Standard Price) x Actual Quantity 28 29 S $ 30 31 32 UPDATES AVAILABLE Updates for Office are ready to be installed, but we need to close some apps. Update now B19 FX =SUM(B9:B12) C D A B 1 2 Milestone One - Variable and Fixed Costs 3 4 5 Collars Variable Cost/Item Item Fixed Costs 6 7 Item 3 9 High-tensile strength nylon webbing 10 Polyesterylon ribbons 1 Buckles made of cast hardware L2 Price tags 3 4 $ $ $ $ 4.00 3.00 2.00 Collar maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self S $ $ S 0.10 2,773.33 55.00 250.00 200.00 400.00 183.33 166.67 is nie 5 6 27 28 9 Total Variable Costs per Collar $ 9.10 Total Fixed Costs $ 4,028.33 30 1 2 23 Leashes 4 25 Item Variable Cost/Item Item Fixed Costs Font 12 Number Clipboard (UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now H1 B C D E F G on 0 NP 1 2 3 Milestone Two - Contribution Margin Analysis 4 5 6 COLLARS LEASHES HARNESSES $28 $9.10 8 Sales Price per Unit 9 Variable Cost per Unit 11 Contribution Margin 12 $30 $12.10 $35 $14.60 -- $ 18.90 $ 17.90 $ 20.40 Oo oo 14 15 16 17 18 19 20 21 22 23 24 25 JX B G H Milestone Two - Break-Even Analysis COLLARS LEASHES HARNESSES Sales Price $ 28.00 $ 30.00 S 35.00 Fixed Costs 4,028.33 4,028.33 4,201.67 Contribution Margin $ 18.90 S 17.90 S 20.40 Break-Even Units (round up) 214.00 226.00 206.00 Target Profit $ 300.00 $ 400.00 $ 500.00 Break-Even Units (round up) 230.00 248.00 231.00 Target Profit $ 500.00 $ 600.00 S 650.00 Break-Even Units (round up) 240.00 259.00 238.00