Instructions

You may complete the project independently or in a group of up to three students. Please submit your project through the assignment provided in the Canvas module. Your project may use a Word, PDF, or Excel format. Be sure to list each group member's name on the assignment. Only one submission is required per group.

Detail is a plus! However, no cost amounts are necessary. Do not shortcut the cost list by stating the business will use free services or operate at a cost-free location, such as the owner's home. A small company should have a cost list equivalent to a large manufacturer. Your list may exceed the number of lines provided on the assignment.

The grading rubric is provided in the assignment.

The project does not have to be completed on the project template. You may organize your content in a similar format in a Word, PDF, or Excel document.

Identifying Costs Project Team members (no more than three): Imagine that your team is going to open its own manufacturing business, making _. List and describe the costs that would be involved. You do not need to provide quantities, costs, or other amounts. Just list the costs and describe them as necessary to clarify your plan. Be sure to correctly classify the costs using information covered in this course. Provide enough information about the cost to justify why your classification is correct. List enough examples in each category to demonstrate the completeness of the production, selling, and administrative functions of your business. While individual projects will be accepted, it is highly recommended that you complete this project in a team of at least two members. Type of Cost Description of Cost Fixed ? Variable ? Product Costs: Direct Materials Direct labor Manufacturing Overhead Period Costs: Selling Administrative What sunk costs are relevant to your company? Why are these sunk? If none are relevant, why are there no sunk costs? What opportunity costs would you consider when deciding to open your business