ScenarioIt has now been one month since you launched your business. You are meeting with a few...

Question

ScenarioIt 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.PromptUse the information in theMilestone Three Actual Costs and Revenue Data Appendixto evaluate your company’s performance, and complete the remaining tabs in theProject Workbookthat 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 thedata tablefor 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 thevariancesfor direct labor and direct materials in the “Variances” tab.			Evaluate thesignificance of the variancesin the “Variances” tab, and mark them as favorable or unfavorable.

Akshay Kumar · Accepted Answer

Instructions
	Southern New Hampshire University
	College of Continuing Education (COCE)
	ACC202 - Managerial Accounting
	MILESTONE 1 (Due in Module 2)				MILESTONE 2 (Due in Module 4)					MILESTONE 3 (Due in Module 5)
	1.					1.					1.
		Name					Choose a price range and calculate:					Create a Cost of Goods Manufactured Schedule
		Location					Grooming
		Vision					Day Care
		Mission					Boarding
	2.					2.					2.
		Identify the following:					Calculate the break-even units					Create an Income Statement
		Direct Materials					Grooming					Revenue will be provided end of week 4
		Diret Labor					Day Care
		Manufacturing Overhead					Boarding
		Period Costs					Calculate the break-even for target profits
	3.						Grooming				3.
							Day Care
		Calculate the Variable & Fixed Costs for:					Boarding					Calculate for the Grooming line:
		Grooming										Direct Labor Time Variance
		Day Care										Direct Labor Rate Variance
		Boarding										Direct Materials Efficiency Variance
												Direct Materials Price Variance
ACC202 - MANAGERIAL ACCOUNTING	
Company Profile
/xl/drawings/drawing1.xml#CompanyProfileVariable & Fixed Costs
/xl/drawings/drawing1.xml#VariableFixedCostsCost Classification
/xl/drawings/drawing1.xml#CostClassificationContribution Margin
/xl/drawings/drawing1.xml#ContributionMarginBreak-Even Analysis
/xl/drawings/drawing1.xml#BreakevenAnalysisCOGM Schedule
/xl/drawings/drawing1.xml#COGMScheduleIncome Statement
/xl/drawings/drawing1.xml#COGMScheduleVariances
/xl/drawings/drawing1.xml#VariancesInstructions Milestone 1
/xl/drawings/drawing1.xml#InstructionsMilestone1Instructions Milestone 2
/xl/drawings/drawing1.xml#'Instructions%20-%20Milestone%202'!InstructionsMilestone2Instructions Milestone  3
/xl/drawings/drawing1.xml#'Instructions%20-%20Milestone%203'!InstructionsMilestone3
Instructions - Milestone 1
	Southern New Hampshire University
	College of Continuing Education (COCE)
	ACC202 - Managerial Accounting
	INSTRUCTIONS FOR MILESTONE 1 (Due Week 2)
	IMPORTANT NOTE:
	Make sure to completely review the Rubric for Milestone 1
	Use the data from this Milestone and begin working on your final presentation due in Milestone 4 (Week 7)
	ITEMS TO COMPLETE FOR THIS MILESTONE (Blue Tabs):
	GENERAL
	You plan to open a pet services business that will offer dog grooming, day care and boarding
	COST CLASSIFICATION
	Accurately classify all of your costs (direct material, direct labor, manufacturing overhead, period costs)
	Fixed & Variable cost designation is provided
	VARIABLE & FIXED COSTS
	Determine your per unit cost per dog for grooming, day care and boarding
	OPERATIONAL & COST INFORMATION:
	For simplicity, base all calculations using 30 days in each month
	OPERATIONAL DATA
	Grooming:
	The Groomer can groom 5 dogs a day, 5 days a week
	Each grooming takes 1.5 labor hours
	Day Care:
	The Day Care can house 10 large dogs and 12 small dogs daily.
	Day Care is offered 6 days a week
	Boarding:
	There are 12 kennels (single dog only).
	Boarding (kennel services) is offered every day
	Facilities:
	The Grooming facility is 200 square feet
	The Boarding facility is 2,500 square feet
	The Day Care facility is 1,500 square feet
	General:
	Loan for start-up costs - monthly payment of $420;  in effect immediately; limited cash and loan funding - used angel investors
	Modest monthly draw of $600 a month for first year;  should be divided evenly amoung the services (grooming, day care, boarding)
	SALARY & HIRING DATA
	Groomer (Allison) - $12.00 an hour, 40 hours a week
	Day Care Attendant (Beverly) - $9.00 per hour, based on need
	Receptionist (Cathie) - $8.50 per hour, 30 hours a week
	Kennel Attendant (Ben) - $11.50 per hour, based on need
	OTHER COST DATA
	Grooming:
	Dog Grooming Arm - $300				.
	Grooming Table - $900
	Grooming Tub - $2,800
	Clippers - $136.99; can be used for 100 grooms
	Shampoo - $103.96 per 5-gallon pail; can be used for 100 grooms
	Salon Tuff Capri Mobile Carry Cart - $90
	Scissors (7 inch straight) - $194.99; used for 200 grooms
	Scissors (ear and nose) - $7.49; used for 200 grooms
	Day Care:
	Fencing for Day Care area - $1,

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...

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