Managerial Accounting - IHM Corporation - Case Study - Management Assignment Help

Assignment Task:

Task:

Assignment Question (100%)
IHM Corporation is one of the fast growing corporations. In the year 2018, Peter took over as the new president of the corporation and appoints You as its Head for the department of accounts.

The IHM Corporation has the following account balances (in millions):

Required
As a going concern, he wishes to evaluate and strengthen the corporation’s financial position in light of growing competition and in lag of the world economy.
(a) Peter, the President is asking you to prepare the following two reports based on the above available account balances.
(i) An income statement for the company for the years ended December 31, 2018.

(ii) A supporting schedule of cost of goods manufactured for the year ended December 31, 2018.

(b) Peter, who is not very familiar with the financial matters, somehow find it difficult to interpret the performances of the company’s results, in terms of cost allocations and therefore, the President is seeking your expertise advice and clarifications for the following issues.

(i) Would the sales manager’s salary (included in marketing, distribution, and customer-service costs) be accounted for any differently if the IHM Corporation were a merchandising- sector company instead of a manufacturing- sector company? Justify your position.
(ii) Plant supervisory salaries are usually regarded as manufacturing overhead costs. When might some of these costs be regarded as direct manufacturing costs? Justify your position with a suitable example.

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