The Schedule of Cost of Goods Manufactured is nothing more than a restatement of the Work in Process Inventory account.

Question

Quizplus · Accepted Answer

The Schedule of Cost of Goods Manufactured summarizes the total cost of goods that were completed during a period and includes the total cost of beginning work in process inventory, plus the cost of direct materials, direct labor, and manufacturing overhead incurred during the period, minus the ending work in process inventory. Therefore, it is a restatement of the Work in Process Inventory account.

The Schedule of Cost of Goods Manufactured Is Nothing More