Suppose you are researching how to start a business and are learning about the costs.
Direct material (list materials with hypothetical costs based on your research).
Manufacturing overhead (list expenses with hypothetical costs based on your research).
Suppose you have decided to start a business producing and selling a product of your choice answer the following questions related to your product:
Make a detailed list of the materials needed with corresponding costs, to make your product. (Use the textbook and/or outside research as necessary.) detail the quantity of materials needed for the year? What is the cost of these materials?
What types of budget approaches are typically used in for-profit companies as opposed to non-profit organizations? Explain at least two different budget methods.
Describe a minimum of two similarities between a personal budget and a business budget.
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