STEM-Outdoors-Lesson-3

Welcome Back!

Please open a fresh Google Doc on your iPad.

Put your first and last name at the top, and title it "Cost-Profit Calculations"

Read the examples and work thru the problems below:

Warm-Up & Word of the Day!

Cost Calculation

Calculating the Cost to build an item is the first step in calculating profit.  See the example below:

Example: You are building a wooden soap-box car. You need the following materials, at the following costs: 2- 2"x4"x12' boards for $4.98 each, 8- 1"x6"x12' boards for $6.97 each, 4- wheel/axle kits for $3.98 per kit, and a steering wheel for $7.49. What is your total cost of materials?

Answer: (2 x $4.98) + (8 x $6.97) + (4 x $3.98) + (1 x $7.49)

($9.96) + ($55.76) + ($15.92) + ($7.49) =

Final Answer = $89.13

NOW YOU TRY CALCULATING COST

Calculating Cost

You are building a wooden lawn decoration. You need the following materials, at the following costs: 1- 2"x4"x12' boards for $4.98 each, and 5- 1"x6"x12' boards for $6.97 each, What is your total cost of materials?

Calculating Cost

You are building a wooden lego table. You need the following materials, at the following costs: 3- 2"x4"x12' boards for $4.98 each, 6- 1"x6"x12' boards for $6.97 each, 1- 4'x8' sheet of plywood for $12.98, and 32 Lego base Plates for $7.49 for a 4-pack of base plates. What is your total cost of materials?

Profit Calculation

Example: You built a wooden soap-box car for a total cost of $89.13. You are selling the soap-box car for a price of $199.99. What is your total profit?

Answer: PRICE - COST = PROFIT

                   $199.99  -  $89.13   =   $110.86

Final Answer = $110.86

NOW YOU TRY CALCULATING PROFIT

Calculating Profit

You built a wooden lawn decoration for a total cost that you calculated above. If you sell the lawn decoration for $94.99, what is your total profit?

Calculating Profit

You built a wooden lego table for a total cost that you calculated above. If you sell the lego table for $275.00, what is your total profit?

SHOP SAFETY - TOOL DEMONSTRATIONS

• Bandsaw

• Miter Saw

• Hand Tools

Finish Shop Safety Quizzes

Links can be found on Lesson-2

Marketing Plan

Your group will create a Marketing Plan for your project.  This marketing plan will have several components, including:

• Photographs

• Item Description

• Features and Benefits

• Specifications & Dimensions

• Price

Check out the examples for an Adirondack Chair.  Use these examples to guide your marketing plan. 

Home Depot Example

Walmart Example

Amazon Example

Target Example