Overview In the third milestone you will jump forward in tim

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. Note: Your instructor will create an announcement sharing the income statement data by the end of Module Four. All of the data you need for the cost-of- goods-manufactured statement can be found in the \"COGM Schedule\" tab of your workbook. For your variance analysis, use the following financial data: Actual Rate $11.50 Actual Price $3 Grooming labor Standard Hours 150 Standard Quantity 1000 Standard Rate $12 Standard Price $2 Actual Hours 180 Actual Quantity 1200 Grooming Materials Prompt: Complete your work in the provided workbook by assessing your company\'s financial performance, specifically addressing the following critical elements - Financial Statements o Create a statement of cost of goods manufactured in the \"COGM Schedule\" tab. o Create an income statement in the \"Income Statement\" tab. . Variance Analysis Identify all variances for the direct labor time and the materials price in the \"Variances\" tab. Evaluate the significance of the variances in the \"Variances\" tab. o o Incorporate all feedback from previous milestones to finalize your workbook

Solution

1. COGM - There is no opening or closing work in progress

2. Sales reveue is based on selected price levels. I have used the price levels you have selected in break even analysis

3.

Statement of Cost of Goods Sold
Beginning work in progress	-
Direct Materials
Materials - Beginning Inventory
Add: Purchases during January	5,000.00
Deduct: Ending Materials (60%)	3,000.00
Materials used in production	2,000.00
Direct Labor	6,240.00
Factory Overhead	2,800.00
Total Manufacturing OH	11,040.00
Deduct: Ending Work in Progress	-
Cost of Goods Manufactured	11,040.00