SWEET CONFECTONS BAKERY INC. A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT INTRODUCTION The objective of this project is to provide students with a practical application of some of the key concepts discuss in the managerial accounting course. It can be used as a half-semester long or concept driven project i.e., used along with the concepts/topics as they are introduced throughout the course. This project is worth 10% of your grade with 200 points itemized by each requirement. LEARNING OUTCOMES Students should be able to: 1. Identify the various costs that are part of a business environment and the three elements of product cost 2. Differentiate between the different costing systems 3. Illustrate business transactions using T-account analysis 4. Prepare the statement of cost of goods manufactured and an income statement 5. Calculate the break-even point in units and dollars, and target sales in units and dollars SWEET CONFECTIONS BAKERY INC. Business Background As she sat in her Accounting class bored while listening to the lecture on journal entries, Ava Smithfield 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 and decorated beautiful delicious cakes. She remembered that the cakes sold very quickly especially at Christmas time SWEET CONFECTONS BAKERY INC. A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT INTRODUCTION The objective of this project is to provide students with a practical application of some of the key concepts discuss in the managerial accounting course. It can be used as a half-semester long or concept driven project i.e., used along with the concepts/topics as they are introduced throughout the course. This project is worth 10% of your grade with 200 points itemized by each requirement. LEARNING OUTCOMES Students should be able to: 1. Identify the various costs that are part of a business environment and the three elements of product cost 2. Differentiate between the different costing systems 3. Illustrate business transactions using T-account analysis 4. Prepare the statement of cost of goods manufactured and an income statement 5. Calculate the break-even point in units and dollars, and target sales in units and dollars SWEET CONFECTIONS BAKERY INC. Business Background As she sat in her Accounting class bored while listening to the lecture on journal entries, Ava Smithfield 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 and decorated beautiful delicious cakes. She remembered that the cakes sold very quickly especially at Christmas time