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!
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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!
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