Your friend who has had the first accounting course understands the items that appear on the balance sheet and income statement.However,when you told her your homework involved preparing a Schedule of Cost of Goods Manufactured she was confused and ask if that was the cost of goods sold that appears on the income statement.Explain to your friend the purpose of the Schedule of Cost of Goods Manufactured,how it is prepared,and its relationship to the balance sheet and income statement.

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The Answer of Your friend who has had the first accounting course understands the items that appear on the balance sheet and income statement.However,when you told her your homework involved preparing a Schedule of Cost of Goods Manufactured she was confused and ask if that was the cost of goods sold that appears on the income statement.Explain to your friend the purpose of the Schedule of Cost of Goods Manufactured,how it is prepared,and its relationship to the balance sheet and income statement.

Your Friend Who Has Had the First Accounting Course Understands