Assume You Have Just Taken a Position as a Financial

Short Answer

Assume you have just taken a position as a financial officer for a new company that manufactures and sells wooden chairs. Although the founder of the company, who is the CEO, is a great artisan, she has very limited knowledge of accounting. To help your new boss better understand accounting for a manufacturing organisation, write a memo to her in which you: (1) identify, (2) describe and (3) provide examples of the three manufacturing costs and the three inventory accounts used in accounting for a manufacturing company.