Title | ACC 202 Project Workbook Maria Burgess |
---|---|
Author | Danielle Burgess |
Course | Managerial Accounting |
Institution | Southern New Hampshire University |
Pages | 7 |
File Size | 172.1 KB |
File Type | |
Total Downloads | 12 |
Total Views | 168 |
A Note on 3 items I did incorrect...
Milestone One - Cost Classification
INSTRUCTIONS: Putting an X in the appropriate spot, classify the costs as: Direct Material, Direct Labor, Overhead, or Period Costs. The Fixed and Variable cost classifications have been provided for you.
Item/Cost
Direct Material
Direct Labor
Overhead
Period Costs
Fixed
Variable
Salary - Collar maker
x
x
Salary - Leash maker
x
x
Salary - Harness maker
x
x x
Salary - Receptionist High-tensile strength nylon webbing
x
x
Polyester/nylon ribbons
x
x
Buckles made of cast hardware
x
x
Depreciation on sewing machines
x
x
Rent
x
x
Utilities and insurance
x
x
Scissors, thread, and cording
x
x
Price tags
x
x
Office supplies
x
Oter business equipment
x
Loan payment
x
x
Salary to self
x
x
ACC202 - MANAGERIAL ACCOUNTING
Milestone One - Variable and Fixed Costs
Collars Item High-tensile strength nylon webbing Polyester/nylon ribbons Buckles made of cast hardware Price tags
Total Variable Costs per Collar
Variable Cost/Item $ $ $ $
4.00 3.00 2.00 0.10
$
9.10
Item Collar maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self
Total Fixed Costs
Fixed Costs $ $ $ $ $ $ $
2,773.33 55.00 250.00 200.00 400.00 183.33 166.67
$
4,028.33
Leashes Item High-tensile strength nylon webbing Polyester/nylon ribbons Buckles made of cast hardware Price tags
Total Variable Costs per Leash
Variable Cost/Item $ $ $ $
6.00 4.50 1.50 0.10
$
12.10
Item Leash maker's salary (monthly) Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan payment Salary to self
Total Fixed Costs
Fixed Costs $ $ $ $ $ $ $
2,773.33 55.00 250.00 200.00 400.00 183.33 166.67
$
4,028.33
Harnesses Item
Variable Cost/Item
High-tensile strength nylon webbing Polyester/nylon ribbons Buckles made of cast hardware Price tags
$ $ $ $
6.00 4.50 4.00 0.10
Total Variable Costs per Harness
$
14.60
Item Harness maker's salary Depreciation on sewing machines Rent Utilities and insurance Scissors, thread, and cording Loan Salary to self
Total Fixed Costs
ACC202 - MANAGERIAL ACCOUNTING
Fixed Costs $ $ $ $ $ $ $
2,946.67 55.00 250.00 200.00 400.00 183.33 166.67
$
4,201.67
Milestone Two - Contribution Margin Analysis
COLLARS
LEASHES
HARNESSES
Sales Price per Unit Variable Cost per Unit
$
24.00 9.10
$
22.00 12.10
$
35.00 14.60
Contribution Margin
$
14.90
$
9.90
$
20.40
ACC202 - MANAGERIAL ACCOUNTING
Milestone Two - Break-Even Analysis COLLARS
LEASHES
HARNESSES
Sales Price
$
24.00
$
22.00
$
35.00
Fixed Costs
$
4,028
$
4,028
$
4,202
Contribution Margin
$
14.90
$
9.90
$
20.40
Break-Even Units (round up)
Target Profit
271.00
$
Break-Even Units (round up)
Target Profit Break-Even Units (round up)
300.00
407.00
$
291.00
$
500.00
400.00
206.00
$
448.00
$
304.00
ACC202 - MANAGERIAL ACCOUNTING
600.00 468.00
500.00 231.00
$
650.00 238.00
Milestone Three - Statement of Cost of Goods Sold
Beginning Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January
0
$
Materials available for use Deduct: Ending materials
0 20,000 20,000 4,000
Materials Used
$
Direct Labor Overhead
16,000 8,493 3,765
Total Costs
$
Deduct: Ending Work in Process Inventory
$
Cost of Goods Sold
$
ACC202 - MANAGERIAL ACCOUNTING
28,258 28,258.33
Milestone Three - Income Statement
Revenue: Collars Leashes Harnesses
$
13,440 12,320 14,000
Total Revenue: Cost of goods sold Gross profit Expenses: General and administrative salaries Depreciation
$
Rent Utilities and insurance Scissors, thread, and cording Loan
$
39,760
$
(28,258) 11,502
2,450 165 750 600 1,200 550
Total Expenses
$
5,715.00
Net Income/Loss
$
5,786.67
ACC202 - MANAGERIAL ACCOUNTING
Milestone Three - Variance Analysis
Data for Variance Analysis: Budgeted (Standard) Hours/Qty
Budgeted (Standard) Rate
Actual Hours/Qty
Actual Rate
Labor
160 $
16.00
180 $
16.50
Materials
500 $
9.10
560 $
10.00
Variances for Collar Sales Variance
Favorable/ Unfavorable
Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate
$
320.00
Unfavorable
Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours
$
90.00
Unfavorable
Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price
$
546.00
Unfavorable
Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity
$
504.00
Unfavorable
ACC202 - MANAGERIAL ACCOUNTING...