Chris, the manager at Monty's Danishes, was excited to determine the company's profit this year. It was a break-out year for the company, especially after being selected to cater the World College Club Sports Athletes' Annual Meeting. The company was thrilled! The number and variety of danishes produced for that event alone doubled the company's sales for the year. Chris knew the total sales amount but had yet to determine the total COGS. He hoped that it would be low relative to sales. Here are the transactions and amounts Chris found when gathering information for his COGS calculation. (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 Monty's Danishes are as follows. Prepare a schedule of COGM and COGS in good form. Utilize relevant information as needed. eTextbook and Media Chris, the manager at Monty's Danishes, was excited to determine the company's profit this year. It was a break-out year for the company, especially after being selected to cater the World College Club Sports Athletes' Annual Meeting. The company was thrilled! The number and variety of danishes produced for that event alone doubled the company's sales for the year. Chris knew the total sales amount but had yet to determine the total COGS. He hoped that it would be low relative to sales. Here are the transactions and amounts Chris found when gathering information for his COGS calculation. (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 Monty's Danishes are as follows. Prepare a schedule of COGM and COGS in good form. Utilize relevant information as needed. eTextbook and Media