Your class has decided to have a bake sale. Each student in the class has been asked to bring in an item to sell and is responsible for pricing the item s/he brought.
The teacher would like you to use the following method for setting a price:
• Cost to make entire recipe, plus a 50 percent profit, divided by the number of items you are selling.
• Get a recipe and determine the cost at which each cookie in your recipe will be sold. Be sure to include the recipe you used, how you determined the price of each ingredient, and how you determined the cost per cookie.
Recipe: Chocolate Chip Cookies
Ingredients:
- 2 1/4 cups all-purpose flour - $0.50
- 1 tsp baking soda - $0.02
- 1 tsp salt - $0.01
- 1 cup unsalted butter, softened - $1.50
- 3/4 cup white granulated sugar - $0.30
- 3/4 cup brown sugar, packed - $0.40
- 1 tsp vanilla extract - $0.10
- 2 large eggs - $0.40
- 2 cups semisweet chocolate chips - $2.00
Total cost = $5.23
Cost to make entire recipe, plus 50% profit = $7.85
Number of cookies: 24
Cost per cookie = $7.85/24 = $0.33
Therefore, each chocolate chip cookie will be sold for $0.33.
To determine the cost of each ingredient, I used the prices at my local supermarket. I added up all the costs to determine the total cost of the recipe. Then, I used the method provided by the teacher to calculate the cost per cookie. In this case, it would be $0.33 per cookie.
To determine the cost per cookie for the bake sale item, follow these steps:
Step 1: Choose a recipe
Decide on a specific recipe you'd like to use for the bake sale item. Let's say you choose a recipe for chocolate chip cookies.
Step 2: Determine the cost of each ingredient
Make a list of all the ingredients required for the recipe and their respective costs. You can find this information by checking the prices of the ingredients at your local grocery store or supermarket. For example, if the recipe requires the following ingredients:
- Flour: $2.00 for a 2 lb bag
- Sugar: $1.50 for a 4 lb bag
- Butter: $3.00 for a 1 lb package
- Chocolate chips: $2.50 for a 12 oz package
- Eggs: $1.00 per dozen
Step 3: Calculate the quantity of each ingredient required
Refer to the recipe and determine the quantity of each ingredient needed to make the entire batch of cookies. For instance, if the recipe calls for:
- 2 cups of flour
- 1 cup of sugar
- 1 cup of butter
- 1 cup of chocolate chips
- 2 eggs
Step 4: Determine the cost of each ingredient per cookie
Divide the cost of each ingredient by the quantity required for the entire recipe. This will give you the cost of each ingredient per batch of cookies. Using the example ingredients and quantities above:
- Cost of flour per cookie: $2.00 / (2 cups) = $1.00 per cup
- Cost of sugar per cookie: $1.50 / (1 cup) = $1.50 per cup
- Cost of butter per cookie: $3.00 / (1 cup) = $3.00 per cup
- Cost of chocolate chips per cookie: $2.50 / (1 cup) = $2.50 per cup
- Cost of eggs per cookie: $1.00 / (2 eggs) = $0.50 per egg
Step 5: Calculate the cost per cookie
Add up the costs of all the ingredients per cookie to determine the total cost per cookie. Using the example values above:
Cost per cookie = $1.00 (flour) + $1.50 (sugar) + $3.00 (butter) + $2.50 (chocolate chips) + $0.50 (eggs) = $8.50
Step 6: Apply the pricing method
Use the pricing method suggested by the teacher, which is to take the cost to make the entire recipe, add a 50% profit, and then divide it by the number of items you are selling. Let's assume you're making 24 cookies:
- Cost to make the entire recipe: $8.50 (as calculated in step 5)
- Profit (50% of cost): 50% of $8.50 = $4.25
- Total cost per cookie (including profit): $8.50 + $4.25 = $12.75
- Price per cookie: $12.75 / 24 cookies = $0.53 per cookie
In conclusion, for the chocolate chip cookies, each cookie should be priced at $0.53 in order to cover the cost of ingredients, provide a 50% profit, and distribute the expenses equally among all the cookies for the bake sale.