Actual Costs and Revenue Data Appendix At the end of the first month of opening your business, you calculate the actual

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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:
Variance
At the end of the month, you find that the labor and materials
spent on manufacturing collars was different from what you
estimated:
You now need to determine
the variance in the materials and labor
cost from what you estimated based on the market research
data.