[Solved] ACC 202 Milestone Three Guidelines and Rubric

Assignment Prompt & Instructions

## ACC 202 Milestone Three Guidelines and Rubric
### 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](https://learn.snhu.edu/content/enforced/1916905-ACC-202-10567.202551-1/Course%20Documents/ACC%20202%20Project%20Workbook.xlsx?isCourseFile=true&ou=1916905) 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](https://learn.snhu.edu/content/enforced/1916905-ACC-202-10567.202551-1/Course%20Documents/ACC%20202%20Milestone%20Three%20Actual%20Costs%20and%20Revenue%20Data%20Appendix.docx?isCourseFile=true&ou=1916905)
### Milestone Three Rubric
CriteriaExceeds 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 formulasPrepares the statement of cost of goods sold, with minimal errorsPrepares the statement of cost of goods sold, with significant errorsDoes not attempt criterion35 **Income Statement** Prepares the income statement and calculates net income, with no errors; shows work through calculations or formulasPrepares the income statement and calculates net income, with minimal errorsPrepares the income statement and calculates net income, with significant errorsDoes not attempt criterion35 **Variance Analysis: Data Table** Completes the data table for variances, with no errors; shows work through calculations or formulasCompletes the data table for variances, with some errorsCompletes the data table for variances with significant errorsDoes not attempt criterion10 **Variance Analysis: Variances** Determines all variances for both direct labor and direct materials; shows work through calculations or formulasDetermines most variances for direct labor and direct materialsDetermines some variances for direct labor and direct materialsDoes not attempt criterion10 **Variance Analysis: Significance** Correctly evaluates all variances as favorable or unfavorableCorrectly evaluates most variances as favorable or unfavorableCorrectly evaluates some variances as favorable or unfavorableDoes not attempt criterion10 **Total:** 100%
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ACC202ProjectWorkbook.xlsx](https://www.sweetstudy.com/files/acc202projectworkbook-xlsx-10311427 "ACC202ProjectWorkbook.xlsx")
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ACC202MilestoneThreeActualCostsandRevenueDataAppendix.docx](https://www.sweetstudy.com/files/acc202milestonethreeactualcostsandrevenuedataappendix-docx-10311431 "ACC202MilestoneThreeActualCostsandRevenueDataAppendix.docx")