Finished goods inventory appears on a cost of goods manufactured schedule.

Name: Finished goods inventory appears on a cost of goods manufactured schedule.
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Question

Quizplus · Accepted Answer

Finished goods inventory does not appear on a cost of goods manufactured schedule. The cost of goods manufactured schedule only shows the costs incurred during the manufacturing process, such as direct materials, direct labor, and manufacturing overhead. The finished goods inventory is reported on the balance sheet.

Finished Goods Inventory Appears on a Cost of Goods Manufactured