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should be either the "cost price" or the "market value" whichever is the lowest.

Boxes and box shook inventory should be the actual count of that on hand. Do not deduct any allowance for casing up canned goods loose in the stack.

The actual quantity of new manufactured boxes and box shook must appear in the inventory at either "cost" or "market value," whichever is the lowest.

Used and second-hand boxes should be taken into the inventory at whatever their value may be.

If empty boxes on hand have been used for factory purposes do not take them into the inventory but see that factory expense, 148A, has been charged with their value.

All other stock accounts will be inventoried at "cost" or "market value," whichever is the lowest.

The inventory should be compiled under proper headings to agree with the ledger titles.

Inventory of insurance, stocks, bonds and investments will be made by the accountant in the main office.

A convenient form on which to keep the finished goods stock records in the office is a loose leaf book, the sheets of which are 9 by 12 inches, 9 inches long, top to bottom, and 12 inches wide. One inch at left for binding. Printed on one side. Heading one inch in which to print the variety, size, grade and can mark, and the season in which packed. Where several plants are operated the heading should also show the plant number. Then a heading space for the columns and lines across 1/4 inch apart. There will be 14 columns headed as follows: "Date," "Blank," "Pack," "Purchased," "Total Received in Warehouse," "Binder or Contract No.," "Sales," "Cancelled," "Samples," "Leaks and Swells," "Shipped,” “Still in Warehouse,” “Blank," and "Surplus Available."

One sheet to be used for each size, grade and can mark.

In column one will be entered the date; in column two which will have a blank heading will be entered, on the first line, the inventory at the beginning of the fiscal year and then in order as they occur any special description that may be explanatory of an entry such as "Recooks." No explanatory entry need be made for entries for which a special column is provided. In column three will be entered the daily pack; in column four the cases of canned goods purchased and in five the total of columns three and four; in column six the binder or contract number having reference to the sale entered in column seven; in column eight will be entered the cases cancelled on contracts which have been entered in column seven; in column nine will be entered the cases of samples made up from the sample report and in column ten, the leaks and swells made up from the leak and swell report; in column eleven will be entered the number of cases shipped and in column twelve the number of cases still in the warehouse; then a blank column and in column thirteen will be entered the number of cases available unsold.

The total received in the warehouse less the sales, plus the cancella

tions, less the samples, leaks and swells will equal the total of column. fourteen and be the number of cases available unsold.

The total received in the warehouse less the samples, leaks and swells and shipments will be the total of column twelve and represent the number of cases still in the warehouse.

This quantity less sales unshipped and plus the cancellations applying against unshipped sales will equal the surplus available for sale. This record will show at a glance the pack of each size, grade and can mark, the total sales and the surplus available for sale.

The binder should be indexed by varieties and the sheets arranged in order by grades and can marks then the first sheet in front of each grade can be used to recap the grade regardless of can marks. When more than one plant is operated the stock book should be further indexed by plants, the stock of each plant being kept separately, and the stock of all plants accumulated in a section indexed "Total Stock." Where several plants are operated the stock keeping becomes an important detail and must be handled by a man who has a liking for detail and is neat, rapid and accurate.

A second stock record loose leaf book is provided in which to keep the stock of the most important materials and supplies used in the packing operations. These will consist of cans, glass containers, sugar, lye, salt, labels, box shook, fibre boxes, and any other material or supplies desired and will be kept for general reference by any one interested.

The sheets used for this purpose should be 81⁄2 by 11 inches, binding space at top. Using cans as an illustration the heading will be "Can Stock Account," "Size of Can," "Season," "Cost F. O. B.," "Freight, "Cost at Factory." Lines down the sheet 4-inch apart. Column heading space at top. Sheet divided in center from top to bottom by heavy lines. Five columns in each half of sheet headed, "Date," "Received," "Used," "Waste," "On Hand." This form is a simple stock record and needs no explanation. Where more than one plant is operated the sheet need not be divided in the two sections for it will be necessary to add two more columns headed "Quantity Shipped," and "Shipped To," for the purpose of recording the quantity transferred from one plant to another.

Assignment No. 4

Form-Factory Profit and Loss Statement

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Cr.

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Repairs and maintenance.
Insurance..

Service and expense.
Depreciation and expense.
Royalties and rentals leased machines..
Depreciation and obsolescence expense..

Improvements to land depreciation expense.. 00
Buildings depreciation expense..

00

Machinery and equipment depreciation ex

Schedule 3

General overhead expense.
Administrative salaries.
Administrative expense.
Office salaries...
Telephone and telegraph.
Stationery postage and expense
Exchange and collections...
Credit information.

General expense.
Bad debts....

Bonuses to office employees.
Taxes, corporation and Federal
State corporation license.
State franchise.....
Federal capital stock.
Revenue stamps.

pense...

Furniture and equipment depreciation expense 00

Total Manufacturing Cost..

Schedule 4

Warehousing expense.
Warehouse labor...

8888

Insurance on canned goods.
Sundry warehouse expense.

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8888;

Total Manufacturing and Administrative Costs....

8888 881

8881

00

00

00

00

00

00

00

00

88888888888

18 8

18

080

888

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Schedule 7

Discounts received...

Revenue received on stocks and bonds (taxable).
Revenue received from real estate. ...
Revenue received from cafeteria operations.

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Income Subject to Income Taxes..

Schedule 8

Revenue received from stocks and bonds, exempt.

Interest on investment.
Contingent expense.......
Life insurance premiums.

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