Assume that you have just taken a position as a financial controller for a new company that manufactures and sells wrought iron wall hangings. Although the founder of the company, who is the president and CEO, is a great artisan, she has very limited knowledge of accounting. To help your new boss better understand accounting for a manufacturing organization, prepare a response to her in which you: Describe and provide examples of manufacturing costs used in manufacturing company. (6 marks) Describe the inventory accounts used in accounting for a manufacturing company. (4 marks) Explain after product cost elements are identified, how is the cost of goods manufactured for a period determined? (2 marks) (iv) Discuss the trends in managerial accounting. (6 marks)