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number 1 and 3 Transcript of Meeting with Anna, Omar, and Ted, and Peter Graff and Student on September 29, 2020 Anna: I feel so

Transcript of Meeting with Anna, Omar, and Ted, and PeterGraff and Student on September 29, 2020Anna: I feel so bad that we

Peter: Do not worry guys your late Dad was a good friend of mine. I knewhim since we did our undergrad together at SFU and h

Peter: The first thing that student must do is to restate the results of lastyear. Omar, while the format you have used work

Omar: I think one of our problems is that we are stretching our resourcesbetween two packaging machine product lines: Cosmet

1) Using the information provided restate the results by preparing (in good form) aSchedule of Cost of Goods Manufactured an

PML Packaging Machinery Ltd.You Make It, We Pack It!Exhibit 1Results for the year ended August 31, 2020Cosmetic Food Tota

PML Packaging Machinery Ltd.Exhibit 2Actual Results for Fiscal 2020 Cosmetic FoodTotalNet Revenue in $$10,800,000 $19,80

number 1 and 3
 
 
 
 
 
 
 

Transcript of Meeting with Anna, Omar, and Ted, and Peter Graff and Student on September 29, 2020 Anna: I feel so bad that we did not live up to our Dad's expectations and the company is now losing money. I stopped my PhD and moved back to Surrey to oversee marketing and sales. I started by giving all our clients a 10% discount. I thought we were doing a very good job, so I requested that production be increased. Omar: I closed my successful dentistry practice to manage the company. I prepared the income statement myself as I have done in my dentistry practice for the past 10 years. Ted: I was extra motivated this year because of the sudden death of our Dad. I never saw production going as smoothly as it did this year. Omar: Peter, please we need your advice here. Obviously, our Dad left us big shoes to fill. He was so smart, and he managed everything by himself. He did the accounting and the marketing. Maybe it is time for us to sell the business? Anna: How could we sell the business if it is losing money? Ted: We should never think about selling! There must be something wrong. I do not know accounting, but I have been working long enough at PML to know we should have made a profit and not a loss this year.

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