Question: Hello, please help me with this, I continue to get it incorrect. Act 202 Milestone Tlrree: Actual Costs and Revenue Data Appendix At the end

Hello, please help me with this, I continue to get it incorrect.

Hello, please help me with this, I continue to
Act 202 Milestone Tlrree: Actual Costs and Revenue Data Appendix At the end of the rst month of opening your business, you (alcuiate the actual operating costs oldie business and the incomel you earned. You also notice and document the dierence in what you budgeted for certain maleriais and labor against the actual amounts you spent on the same. For your slatemenl of Dost ol goods sold, use the Followmg data regarding the actual costs incurred by the business ouer'the past month: - Materials purchased: $20,000 0 Consumed 80% oflhe purchased materials . Direct iaimr 53,493 . Overhead costs: $3,755 Note: Assume that the beginning malen'ais and ending work in process are zero For the month Use the foiiowing revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing leyei options you those in Milestone Two. Also, assume that alter accounting for weekends and other holidays, there were 2El business days in the rst month of operation. For example, if you chose a sales price of$2El per collar. the actuai number of mllars sold in the month was 33 per day or 53 x 10 : 55o per month Established Sales Price Rumbas of Items Sold per Day Collars $20 35 $24 28 $23 25 Leashes 522 23 $26 25 $30 13 Harnesses $25 25 530 22 $55 20 The other costs incurred by the business include: - General and administrative salaries o Receptionist $1,950 . oree supplies: $200 - Other business equipment: $150 Varianoe At the end of the month, you nd that the iahor and materials spent on manufacturing coiiars was different from what you estimated' The cotlar rna kier had to work nine hours a day instead of eight due to an increased demand for collars. Because at the increased demand, the hourly rate you paid your employee for making the coliars increased to $16.50. An increase in the cmt of raw material led the direct materiat cost per coilar'to increase to 510. However, you also made and sold an more collars than you expected In seti in the month. You now need to determine the variance in the materials and labor cost from what you estimated in Mitestone Two based on the market mearch data. Milestone Three - Statement of Cost of Goods Sold Beginnlng Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials Materials Used Direct Labor Overhead Total Costs Deduct: Ending Work in Process Inventory CostofoodsSold

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