1. 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:

1. 1. Describe and provide examples of manufacturing costs used in manufacturing company. (6 marks)
2. 2. Describe the inventory accounts used in accounting for a manufacturing company. (4 marks)
3. 3. Explain after product cost elements are identified, how is the cost of goods manufactured for a period determined?(2 marks)
4. 4. Discuss the trends in managerial accounting.(6 marks)