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

Question

Quizplus · Accepted Answer

A schedule of cost of goods manufactured is a financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period. It includes direct materials, direct labor, and manufacturing overhead costs, and shows the total cost of goods manufactured for the period. The other options (A, B, D, and E) do not specifically address the costs incurred in the manufacturing process.

A Financial Report That Summarizes the Amounts and Types of Costs