Following is a brief outline of the project requirements. Be sure to carefully read and follow...

  

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Following is a brief outline of the project requirements. Be sure to carefully read and follow all directions to receive full credit. Identify what you will sell (product), where you will sell (market), and whom you will sell to (customer). Identify and estimate the costs you will incur to manufacture its product, and classify each based on its cost behavior. Decide how much you will sell your product for. Perform a cost-volume-profit analysis to determine how much you will have to sell to break even. Create presentation slides to discuss the bullet points above. Record a short presentation (about 5 minutes) or present in class. REQUIREMENTS: 1. Select a product to manufacture. Decide where you will sell and who you will sell to. (Check out Instagram or other internet sites for ideas.) Keep in mind that the product should be simple to manufacture and be low cost. 2. Determine the costs to manufacture your product and document on the Worksheet. Identify each cost listed on your cost worksheet as variable or fixed. Variable costs should be presented for one unit of your product. Fixed costs should be presented for one month of operations. Direct Materials: List the primary materials that you will need to manufacture your product. For example, if your product were a book, one direct material would be paper. Assume you will need 10 sheets of paper per book (quantity), but you have to buy the paper in reams. If you purchase a ream of paper for $3.50 and it contains 100 sheets of paper, the price refers to the cost per piece of paper (3.5 cents), not per book. Total Cost refers to the total cost for one unit of product, or one book. If you already own the materials, just estimate what the cost would be if you had to purchase new materials. YOU WILL NEED TO LIST A MINIMUM OF FIVE RAW MATERIALS. Direct Labor: Identify and list the various stages of your manufacturing process. Pretend you will be paid for this time. Record the estimated amount of time needed to manufacture one unit of product, and assume a reasonable hourly wage rate. You will need to record the estimated amount of time in hours (e.g. 30 minutes .5 hour). The Time column should only include numbers. YOU WILL NEED TO LIST A MINIMUM OF THREE DIRECT LABOR ACTIVITIES AND ASSUME ALL LABOR COSTS ARE VARIABLE. Manufacturing Overhead: List at least two other FIXED manufacturing costs that you think you would incur. It is okay to estimate these costs, but there should be some rationale behind your estimates. Following is a brief outline of the project requirements. Be sure to carefully read and follow all directions to receive full credit. Identify what you will sell (product), where you will sell (market), and whom you will sell to (customer). Identify and estimate the costs you will incur to manufacture its product, and classify each based on its cost behavior. Decide how much you will sell your product for. Perform a cost-volume-profit analysis to determine how much you will have to sell to break even. Create presentation slides to discuss the bullet points above. Record a short presentation (about 5 minutes) or present in class. REQUIREMENTS: 1. Select a product to manufacture. Decide where you will sell and who you will sell to. (Check out Instagram or other internet sites for ideas.) Keep in mind that the product should be simple to manufacture and be low cost. 2. Determine the costs to manufacture your product and document on the Worksheet. Identify each cost listed on your cost worksheet as variable or fixed. Variable costs should be presented for one unit of your product. Fixed costs should be presented for one month of operations. Direct Materials: List the primary materials that you will need to manufacture your product. For example, if your product were a book, one direct material would be paper. Assume you will need 10 sheets of paper per book (quantity), but you have to buy the paper in reams. If you purchase a ream of paper for $3.50 and it contains 100 sheets of paper, the price refers to the cost per piece of paper (3.5 cents), not per book. Total Cost refers to the total cost for one unit of product, or one book. If you already own the materials, just estimate what the cost would be if you had to purchase new materials. YOU WILL NEED TO LIST A MINIMUM OF FIVE RAW MATERIALS. Direct Labor: Identify and list the various stages of your manufacturing process. Pretend you will be paid for this time. Record the estimated amount of time needed to manufacture one unit of product, and assume a reasonable hourly wage rate. You will need to record the estimated amount of time in hours (e.g. 30 minutes .5 hour). The Time column should only include numbers. YOU WILL NEED TO LIST A MINIMUM OF THREE DIRECT LABOR ACTIVITIES AND ASSUME ALL LABOR COSTS ARE VARIABLE. Manufacturing Overhead: List at least two other FIXED manufacturing costs that you think you would incur. It is okay to estimate these costs, but there should be some rationale behind your estimates.