Students got to create their own ice cream sundae and then calculate the cost of goods sold, including labor costs. I am not sure I've ever seen them so engaged in an activity! It was so fun to see them compare their profit per unit and gross profit.
Here are our final product prototypes along with the price that students decided on based on cost of creating the product. What a fun way to teach COGS!
We have been studying the (tedious) financial statement. So, to break up the monotony (since not everyone LOVES accounting like me :) ), we are building Legos today! Students will use Legos to build a new product for a toy company; they must track their Cost of Goods Sold and then set a price point which will ensure profit. They seem to be enjoying it! :) Stay tuned to see the finish products and their COGS sheets!
Students are working on forming a business of their choice. To get practice before creating their own business organizational chart, students created one based on celebrities. The students' choices for celebrities to fit job titles was so fun to see! Students have been studying entrepreneurs and characteristics of entrepreneurs. They are just finishing up their Entrepreneur Essay, which incorporates thoughts of how their own skills coincide with entrepreneurship.
This week, students have done independent research, conversed with school leaders, and are now drafting a School Improvement Memorandum. Stay tuned for more information!
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