Statement of Cost of Goods Sold: Prepare the statement of cost of goods sold in the “COGS” tab of the workbook. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.
Income Statement: Use the given revenue data to prepare the “Income Statement” tab table and calculate the net income. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.
Variance Analysis:
Prepare the data in the “Variances” tab to determine whether the variances are favorable or unfavorable. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.
Complete the data table for the variances by entering the budgeted and actual labor and material values. Remember to use the estimates for expected sales from your Milestone Two assignment.
Determine the variances for direct labor and direct materials in the “Variances” tab.
Evaluate the significance of the variances in the “Variances” tab, and mark them as favorable or unfavorable.
