(a) Fill in the third column of the above chart by identifying whether each cost item should be initially recorded as an asset or as an expense. (b) Fill in the fourth column of the chart by recognizing, if each item is considered to be inventoriable (product) cost or not. Beginning and ending balances for several accounts for Kingbird's Danishes are as follows. Prepare a schedule of COGM and COGS in good form. Utilize relevant information as needed