Q The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Module 9. See the Due Dates section for more information. All of the information you need to complete the Course Project is located in an Excel Workbook. Be sure to read all the sheets in the workbook. This workbook includes: • Twelve worksheets in the workbook you will need to complete • A list of transactions • A Grading Rubric to help explain what is expected ACCT 312 Course Project Excel Workbook (XLSX)Download ACCT 312 Course Project Excel Workbook (XLSX) You will continue to use the same workbook for all 3 milestones. You do not need to download a new copy for Milestones 2 or 3. When you submit Milestone 3, all sheets in your workbook will be complete. Please proceed to the Scenario section. Quivers Inc. began operations on January 1 of the current year. The company produces eight-ounce bottles of jet wax called Ophelia Shine. The wax is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Direct Materials Cost per Case Cream base Variable 100 oz $0.02 $2.00 Natural oils Variable 30 oz $0.30 $9.00 Bottle (8 oz) Variable 12 bottles $0.50 $6.00 Total $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Direct Labor Cost per Case Mixing Variable 20 minutes $18.00 $6.00 Filling Variable 5 minutes $14.40 $1.20 Total 25 minutes $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed $14,000 Equipment depreciation Fixed $4300 Supplies Fixed $660 Total $19,560 Please proceed to the Requirements section. Use this table to help ensure you use the correct worksheet for each requirement. Requirement Requirement Description Worksheet Name 1 Determine the fixed and variable portion of the utility cost using the high-low method. 1 - High-Low Method 2 Determine the contribution margin per case. 2 - Contribution Margin 3 Determine the fixed costs per month, including the utility fixed cost. 3 - Fixed Costs 4 Determine the break-even number of cases per month. 4 - Break-even Analysis 5 Develop the production budget. 5 - Production Budget 6 Develop the direct materials purchases budget 6 - Direct Materials Purchases 7 Develop the direct labor cost budget. 7 - Direct Labor Cost 8 Develop the factory overhead cost budget. 8 - Factory Overhead Cost 9 Create the budgeted income statement. 9 - Budgeted Income Statement 10 Determine the direct materials variance. 10 - Direct Materials Variance 11 Determine the direct labor variance. 11 - Direct Labor Variance 12 Determine the factory overhead variance. 12 -Direct Factory Overhead Variance Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your instructor. Please proceed to the Due Dates section. There are three milestones in this project. Milestone 1: This includes project requirements 1 - 4 and is due in Module 4. Milestone 2: This includes project requirements 5 - 9 and is due in Module 6. Milestone 3: This includes project requirements 10 - 12 and is due in Module 9.