Individual Project 1 Cost Flow Analysis 25 points Due in class January The purpose of this activity is to give you hands-on experience in a manufacturing process b You are going to manufacture a batch of your favorite cookies and learn how manufacturing various departments (or stages) as the product evolves from a list of ingredients to a complete 1 2 3 4 Using your favorite cookie recipe, estimate the quantity of direct materials and direct labo needed (these figures will be used in a later assignment). Record your estimates on the att worksheet. Direct materials: Simply list the ingredients and their quantities from the recipe. Direct labor: Identify and list the various stages of the cookie manufacturing process. amount of time needed for each stage. Bake a batch of cookies and record the actual costs incurred during the process. Direct materials: "Unit Cost" refers to the cost per measuring unit, not per cookie. If measured in teaspoons, for instance, this would be the cost per teasp refers to the total cost for the batch. Direct labor: Pretend you are being paid for this. Assume a REASONABLE wage rat Manufacturing overhead: It is okay to estimate these costs, but there must be some ra your estimates. Use the information gathered in part 2 to prepare a Schedule of Cost of Goods Manufactur format shown on page 42 (Panel B) of your textbook. Prepare a cover memo for the schedule identifying any non-value-added costs that during the process along with suggestions for eliminating them.