Tombert Company
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This project has two parts:
First part includes doing a schedule of cost of goods manufactured and prepare a correct income statement.
Second part includes using the information from the first part and writing a letter to the president explaining the corrections.
I am attaching w jpegs for the first part of the project and a word document for the second part of the project.
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Solution Summary
The solution explains the calculation of cost of goods sold schedule and the corrections required in the income statement for Tombert Company.
Solution Preview
Please see the attached files
Part 2
Refer to Problem 19-5A and add the following requirement.
Prepare a letter to the present of te company sue Tombert, describing the changes you made. Explain clearly why net income is different after the changes. Keep the following points in mind as you compose your letter.
1. This is a letter to the president of a company, who is your friend. The style should be generally format, but you may relax some requirements. For example, you may call the president by her first name.
2. Executives are very busy. Your letter should tell the president your main results first (for example, the amount of net income)
3. You should include brief explanations so that the president can understand the changes you made in the calculations.
Based on the income statement prepared by the assistant accountant, there is a net loss of $23,000. When the income statement is corrected, there is a net income of $9,000. The reason for the change is that the assistant accountant has included in expense even those amounts that should be carried in inventory. Under absorption ...
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