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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- services statement can be found in the “COS Schedule” tab of your workbook. For your variance analysis, use the following financial data:

Direct Materials/Labor Original Projection Actual

Shampoo 1000 ounces ($2/groom) 1200 ounces ($3/groom)

Grooming Labor 1.5 hrs/groom @ $12 2.25 hrs/groom @ $11.50

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 services in the “COS 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 Services

Creates the statement of cost of services using the provided benchmarks

Creates the statement of cost of services, but does not fully or accurately complete the task given the provided benchmarks

Does not create the statement of cost of services

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%