Match each of the following terms with their correct description from the items listed below.
-(direct materials + direct labour + manufacturing overhead) +/- the change in work-in-process inventory from the beginning to the end of the current period
A)Work-in-Process Inventory
B)Finished Goods Inventory
C)Cost of Goods Sold
D)Cost of Goods Manufactured
E)Total Manufacturing Costs

Question

Quizplus · Accepted Answer

Cost of goods manufactured represents the total cost incurred in the production of goods that are completed during the period, including direct materials, direct labour, manufacturing overhead, and any changes in work-in-process inventory from the beginning to the end of the period.

Match Each of the Following Terms with Their Correct Description