For this part of your project, you will work with the financial information for Grizzly Bear Winery. Use the information provided in the case scenario to record the necessary information on the Excel...

For this part of your project, you will work with the financial information for Grizzly Bear Winery. Use the information provided in the case scenario to record the necessary information on the Excel template workbook. Complete the worksheets #1-3 for Part 1.

You are required to complete and submit Part 1 in this unit. Check figures for some of the categories above have been provided and are indicated in the template inblue font.

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  WS 1 – Cost Allocation:Using the information from the Case Write-up and the Account data found on WS 1 of the provided Excel template, organize the costs according to the following categories:
  
  
  1. Direct Materials:$266,560
  
  
  2. Direct Labor:$155,400
  
  
  3. Variable Product Overhead
  
  
  4. Fixed Product Overhead:$176,000
  
  
  5. Variable Selling & Admin
  
  
  6. Fixed Selling & Admin
  
  
  
  

  You should compute the per unit cost data where indicated. To ensure that you have classified all of the accounts, be sure that your check figure matches the total of all the accounts -$925,510.
  

  
  

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  WS 2 – Cost Data:Using the Data from the Case Write-up and your results from WS 1, complete the Cost Data Sheet on WS 2 of the Excel Template. Be sure that the cost of Direct Materials and Direct Labor that you compute on this WS matches the total cost of Direct Materials and Direct Labor that you computed in Requirement 1 of this project. Check figure: Direct Materials for the Blend wine = $103,750
  , and Direct Labor for the Blend wine =$60,000.

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  WS 3 – Income Statements:Using the data from WS 1 and 2, create an Income statement using the Traditional GAAP format, and another using the Contribution Margin format. Give the percentage of Sales data as indicated. Check Figures: Gross Profit = $275,990, Contribution Margin =$416,990 .
  
  

Use the following file naming convention to save your file: ACC550_Project_Part 1_Joe_Smith.xml.

Submit Part 1 of your project using the Upload Instructions below.

Grading

You will be graded on the accuracy of your work. Partial credit will be awarded. This part of your project will be graded using the criteria below.