Question

ALL/4U20272Ulvilestone 7ozu ihree X then , and drag to the Favorites Bar folder. Or import from another browser. Import favorites - + Fit to page D Page view A Read aloud l Add notes Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 $3 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: • Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. o Create an income statement in the "Income Statement" tab. Variance Analysis o identify all variances for the direct labor time and the materials price in the "Variances" tab. O Evaluate the significance of the variances in the "Variances" tab. • Incorporate all feedback from previous milestones to finalize your workbook rch e N * ae w

Answer 1

Dippin and Clippin Dog Grooming
Income Statement				Statement of cost of services
For the month ended January 31, xxxx				Grooming labor			Grooming materials
Revenue:				Std hours	150		Std qty	1000
Grooming	$ 5,600.00			Std rate	$        12.00		Std rate	$            2.00
Day care				Total	$ 1,800.00		Total	$    2,000.00
Boarding
Total Revenue		$   5,600.00		Actual Hours	180		Actual Hours	1200
Cost of services		$   3,870.00		Actual Rate	$        11.50		Actual Rate	$            3.00
Gross Profit		$   1,730.00		Total	$ 2,070.00		Total	$    3,600.00
				Variance	$     270.00		Variance	$    1,600.00
Expenses:
G & A Salaries	$ 1,200.00
Advertising	$     100.00
Cleaning Products	$     120.00
Depreciation	$        83.00
Rent	$     650.00
Loan	$     420.00
Utilities & Insurance	$     600.00
Total Expenses		$   3,173.00
Net income / loss		$ (1,443.00)