Scenario
It has now been one month since you launched your business. You are meeting with a few investors soon to share your vision for the company and to ask for more funding. You will be sharing your company’s financial health at this meeting. To do that, you need to determine and analyze your company’s performance over the last month using the data provided.
Directions
Use the information provided in the Milestone Three Actual Costs and Revenue Data Appendix, which is linked in the Supporting Materials section below, to evaluate your company’s performance. Complete the remaining tabs in the Project Workbook that you used for the Milestone One and Milestone Two assignments.
Specifically, you must address the following rubric criteria:
- 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 (standard) 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.
What to Submit
Submit the Project Workbook with all tabs completed. This file should be completed and submitted using Microsoft Excel.
Supporting Materials The following resource supports your work on this assignment:
Reading: Milestone Three Actual Costs and Revenue Data Appendix
AI Usage
If you use gen AI tools to support your work on this assignment, be sure to follow these AI usage guidelines. You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in this Shapiro Library guide.
Milestone Three Rubric
| Criteria | Exceeds Expectations (100%) | Meets Expectations (85%) | Partially Meets Expectations (55%) | Does Not Meet Expectations (0%) | Value |
|---|---|---|---|---|---|
| Statement of Cost of Goods Sold | Prepares the statement of cost of goods sold, with no errors; shows work through calculations or formulas | Prepares the statement of cost of goods sold, with minimal errors | Prepares the statement of cost of goods sold, with significant errors | Does not attempt criterion | 35 |
| Income Statement | Prepares the income statement and calculates net income, with no errors; shows work through calculations or formulas | Prepares the income statement and calculates net income, with minimal errors | Prepares the income statement and calculates net income, with significant errors | Does not attempt criterion | 35 |
| Variance Analysis: Data Table | Completes the data table for variances, with no errors; shows work through calculations or formulas | Completes the data table for variances, with some errors | Completes the data table for variances with significant errors | Does not attempt criterion | 10 |
| Variance Analysis: Variances | Determines all variances for both direct labor and direct materials; shows work through calculations or formulas | Determines most variances for direct labor and direct materials | Determines some variances for direct labor and direct materials | Does not attempt criterion | 10 |
| Variance Analysis: Significance | Correctly evaluates all variances as favorable or unfavorable | Correctly evaluates most variances as favorable or unfavorable | Correctly evaluates some variances as favorable or unfavorable | Does not attempt criterion | 10 |
| Total: | 100% |