ACCT 202 Final Project LEARNING OUTCOMES Students should be able to: Identify the various costs that are a part of a business environment and the three elements of product cost. Differentiate between the different costing systems. Illustrate business transactions using T-account analysis. Prepare statement of cost of goods manufactured and an income statement. Calculate the break-even point in units and dollars, and target sales in units and dollars. 1. 2. 3. 4. 5. As she sat in her Accounting I class, bored while listening to the lecture on journal entries, Mary Jones could not imagine being an accountant in the future. As a young girl, she remembered sitting in the kitchen while her mom and aunts baked those delicious Jamaican black cakes. She remembered that the cakes sold very quickly, especially at Christmas time and that people were traveling from as far away from Florida to buy them. Her mom had learned to bake from her mother, and she wrote down the cake recipes in case Mary or one of her siblings decided to follow in her footsteps. However, Mary chose to follow in her dad's path and so she enrolled in college with plans to become an accountant. Her two older sisters were already studying to be a lawyer and a dentist. Mary had an epiphany as she sat in class, she would leave school at the end of the semester to open a bakery specializing in Jamaican black cakes. Mary anticipated that most of her business would be based on special order, customized cakes. She anticipated selling cakes for family weekend gatherings, birthday and wedding celebrations, and holiday gatherings. She wanted to have a few cakes available in a store to appeal to the drop in customer. In December 20XX Mary followed her plans; she dropped out of college, created a business plan and incorporated as the M&J bakery INC. (M&J).The J is in honor of her mom, Jezebel, who passed away earlier in the year. Mary planned to open her business on J 1 " 20XX. She would use the $50,000 inheritance a minimal salary of $500 per month for the first year of business. Uncle David, a marketing executive with a national bank, agreed to provide her with marketing support pro-bono. from her mom as startup capital and receive Mary found the perfect location for her business. a take-out restaurant on a busy intersection of Jamaica and Hillside Avenues in Queens, NY, became available after a bitter divorce between the owners. The landlord was impressed with Mary's vision and agreed to pay for all renovations and charge her $600 per month for rent. ACCT 202 Final Project LEARNING OUTCOMES Students should be able to: Identify the various costs that are a part of a business environment and the three elements of product cost. Differentiate between the different costing systems. Illustrate business transactions using T-account analysis. Prepare statement of cost of goods manufactured and an income statement. Calculate the break-even point in units and dollars, and target sales in units and dollars. 1. 2. 3. 4. 5. As she sat in her Accounting I class, bored while listening to the lecture on journal entries, Mary Jones could not imagine being an accountant in the future. As a young girl, she remembered sitting in the kitchen while her mom and aunts baked those delicious Jamaican black cakes. She remembered that the cakes sold very quickly, especially at Christmas time and that people were traveling from as far away from Florida to buy them. Her mom had learned to bake from her mother, and she wrote down the cake recipes in case Mary or one of her siblings decided to follow in her footsteps. However, Mary chose to follow in her dad's path and so she enrolled in college with plans to become an accountant. Her two older sisters were already studying to be a lawyer and a dentist. Mary had an epiphany as she sat in class, she would leave school at the end of the semester to open a bakery specializing in Jamaican black cakes. Mary anticipated that most of her business would be based on special order, customized cakes. She anticipated selling cakes for family weekend gatherings, birthday and wedding celebrations, and holiday gatherings. She wanted to have a few cakes available in a store to appeal to the drop in customer. In December 20XX Mary followed her plans; she dropped out of college, created a business plan and incorporated as the M&J bakery INC. (M&J).The J is in honor of her mom, Jezebel, who passed away earlier in the year. Mary planned to open her business on J 1 " 20XX. She would use the $50,000 inheritance a minimal salary of $500 per month for the first year of business. Uncle David, a marketing executive with a national bank, agreed to provide her with marketing support pro-bono. from her mom as startup capital and receive Mary found the perfect location for her business. a take-out restaurant on a busy intersection of Jamaica and Hillside Avenues in Queens, NY, became available after a bitter divorce between the owners. The landlord was impressed with Mary's vision and agreed to pay for all renovations and charge her $600 per month for rent