BA211 Financial Accounting Project: - Valentine's Day Chocolate Prelude, January 14th: Cupid and his family, as is their regular routine, visit the local farmers' market on their weekly shopping trip. Deborah, a local candy-producer and friend of Cupid's family, is selling her candy at the market. Cupid tells Deborah how much he likes her candy. Deborah knows that Cupid is a budding entrepreneur and asks if he will try selling her boxed Valentine's chocolates at the Food & Gift Festival on February 10th 11th & 12th. Deborah says that she will be out of town most of that weekend and wants Cupid to sell the product to keep building awareness of her candy products. She also says that she has a booth reservation and he would have to pay the Food & Gift Festival show management a $300 booth fee on February 10th along with a refundable $30 clean-up fee. Deborah gives the following information: Boxed Valentine chocolate sells at a market price of $9.00 each Deborah can prove that her chocolate has Fair Trade Certification Cupid can buy boxed chocolate from her for $5.00 each Boxed chocolate inventory is enough to cover the needs of Food & Gift Festival Cupid can keep any of the net income from the festival Deborah will return on the afternoon of February 12th and expects to be paid then for inventory acquired & sold from her storage unit! Cupid agrees to Deborah's offer and decides to sell boxed Valentine chocolates at the Food & Gift Festival. Cupid asks his sister, Ginger, to help in the booth and he would pay her $30 a day. Ginger agrees. Friday, February 10th: Prior to coming to the show, Cupid took $500 out of his secret stash of personal savings and he acquired 120 boxes from Deborah's storage unit. Cupid sets up the stand and pays the show manager, Kavinda, $330 in cash. At 2:30 in the afternoon, Mr. Lupercalia, prepays $180 to buy 20 boxes that Cupid will have ready for pick- up on Sunday morning. Walk-up sales are good and they sell 105 boxes in this manner by end of the day. Ginger, who worked hard, mentions that her wage of $30 per day is too low. Cupid and Ginger agree that $60 a day is fair and that she will be paid at the end of the festival.