A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a:
A) Materiality statement.
B) Managerial statement.
C) Manufacturing statement.
D) Merchandise statement.
E) Monetary statement.

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 known as a manufacturing statement. This report shows the direct materials, direct labor, and manufacturing overhead costs that were incurred in the production process. The purpose of this statement is to calculate the cost of goods manufactured and to provide information for decision-making purposes. Therefore, option C is the most appropriate answer.

A Financial Report That Summarizes the Amounts and Types of Costs