A schedule of cost of goods manufactured is also known as a:
A) Manufacturing statement.
B) Cost of goods sold schedule.
C) Raw materials processed schedule.
D) Total finished goods statement.
E) Factory supplies used schedule.

Question

Quizplus · Accepted Answer

A schedule of cost of goods manufactured is also known as a manufacturing statement. This statement shows the total cost of goods produced during a specific period, including direct materials, direct labor, and manufacturing overhead costs. It is used to calculate the cost of goods sold and to determine the ending inventory value.

A Schedule of Cost of Goods Manufactured Is Also Known