Fun Games Company

1322 Words3 Pages

Fun Games Company

Fun Games Company was founded by Avery Rinehart to produce a novelty item marketed under the name Puzzler. Each Puzzler cost the company $14 to produce. In addition to these production costs that varied in direct proportion to volume (so-called variable costs), the company also incurred $4,000 monthly ¡°being in business costs (so-called fixed costs) irrespective of the month's volume. The company sold its product for $22 each.

As of December 31, Rinehart had been producing Puzzler for three months using rented facilities. The balance sheet on that date was as follows:

Balance Sheet

As of December 31

Assets

Cash $ 58,500

Accounts receivable 27,500

Inventory 14,000

$100,000

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