Asked by
Acirema Torres Ovies
on Oct 11, 2024Verified
The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor, and manufacturing overhead-and it summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.
Product Costs
The costs directly associated with the creation of a product, including direct materials, direct labor, and manufacturing overhead.
Work in Process
Inventory category that includes goods partially through the production process, not yet ready for sale.
Finished Goods
Products that have completed the manufacturing process and are ready for sale to customers.
- Calculate the total cost of goods manufactured.
Verified Answer
MT
Learning Objectives
- Calculate the total cost of goods manufactured.