A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a:
A) Managerial statement.
B) Materials statement.
C) Merchandise schedule.
D) General-purpose statement.
E) Schedule of cost of goods manufactured.

Question

Quizplus · Accepted Answer

A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is called a schedule of cost of goods manufactured. This statement is specific to manufacturing companies and not general purpose like choice D. It is also not a managerial statement as it is prepared for external reporting purposes. Similarly, materials statement and merchandise schedule are specific to inventory tracking and not a comprehensive report of all manufacturing costs.

A Financial Report That Summarizes the Amounts and Types of Costs