Information about all three manufacturing inventory accounts is required to prepare the cost of goods manufactured and sold schedule.

Question

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The three manufacturing inventory accounts are raw materials inventory, work-in-progress inventory, and finished goods inventory. The cost of goods manufactured and sold schedule requires information about the beginning and ending balances of these accounts, as well as any additions or subtractions during the period (such as purchases of raw materials, direct labor costs, and manufacturing overhead). Without this information, it is not possible to accurately calculate the cost of goods manufactured or the cost of goods sold.

Information About All Three Manufacturing Inventory Accounts Is Required to Prepare