Which of the following statements regarding the schedule of cost of goods manufactured and sold is correct?
A) The schedule is an internal document,which is not presented with the company's financial statements.
B) The schedule of cost of goods manufactured and sold shows the amount of cash paid for raw materials.
C) The schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.
D) The schedule is an internal document,which is not presented with the company's financial statements,and,in addition,the schedule of cost of goods manufactured and sold reports the amount of direct raw materials used during the period.

Question

Quizplus · Accepted Answer

To help managers analyze manufacturing results,companies summarize the ledger data in a schedule that shows the overall cost of goods manufactured and sold.The schedule is an internal document which is not presented with a company's published financial statements.Only the final total on the schedule (cost of goods sold)is disclosed;it is reported on the income statement.This schedule does report the amount of direct materials used during the period.

Which of the Following Statements Regarding the Schedule of Cost