Scenario It has now been one month since you launched your business. You are meeting with a few investors soon to share
Posted: Sun Jun 05, 2022 5:32 pm
Scenario
It has now been one month since you launched your business. You
are meeting with a few investors soon to share your vision for the
company and to ask for more funding. You will be sharing your
company’s financial health at this meeting. To do that, you need to
determine and analyze your company’s performance over the last
month using the data provided.
Prompt
Use the information in the Milestone Three Actual Costs and
Revenue Data Appendix Word Document to evaluate your company’s
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.
ACC 202 Milestone Three: Actual Costs and Revenue Data
Appendix
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:
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.
The other costs incurred by the business include:
It has now been one month since you launched your business. You
are meeting with a few investors soon to share your vision for the
company and to ask for more funding. You will be sharing your
company’s financial health at this meeting. To do that, you need to
determine and analyze your company’s performance over the last
month using the data provided.
Prompt
Use the information in the Milestone Three Actual Costs and
Revenue Data Appendix Word Document to evaluate your company’s
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.
ACC 202 Milestone Three: Actual Costs and Revenue Data
Appendix
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:
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.
The other costs incurred by the business include: