Identify All Variances Accurately

SOLUTION AT Australian Expert Writers

ACC 202 Milestone Three Guidelines and Rubric 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:
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 in the provided workbook by assessing your company’s financial performance, specifically addressing the following critical elements:
 Financial Statements ○ Create a statement of cost of goods manufactured in the “COGM Schedule” tab. ○ 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.
 Incorporate all feedback from previous milestones to finalize your workbook
Rubric Guidelines for Submission: You must submit a complete workbook, following the formats in the provided templates within each sheet.
Critical Elements Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value
Statement of Cost of Goods Manufactured
Creates the statement of cost of goods manufactured using the provided benchmarks
Creates the statement of cost of goods manufactured, but does not fully or accurately complete the task given the provided benchmarks
Does not create the statement of cost of goods manufactured
25
Income Statement Creates the income statement using the provided benchmarks
Creates the income statement, but does not fully or accurately complete the task given the provided benchmarks
Does not create the income statement
25
Identify All Variances Accurately identifies all variances for the direct labor time and the materials price
Identifies variances for the direct labor time and the materials price, but fails to fully or accurately identify each
Does not identify variances for the direct labor time and the materials price
25
Significance of the Variances
Evaluates the significance of the variances
Indicates the significance of the variances, but fails to fully or accurately identify their implications
Does not evaluate the significance of the variances
25
Total 100%

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