What schedule is used to ensure accuracy in computing product costs?
A) the schedule of Raw Materials used
B) the schedule of the Cost of Goods Sold
C) the schedule of the Manufacturing Overhead
D) the schedule of the Cost of Goods Manufactured

Question

Quizplus · Accepted Answer

The schedule of the Cost of Goods Manufactured is used to ensure accuracy in computing product costs. It summarizes the total manufacturing costs incurred during a period, including direct materials used, direct labor incurred, and manufacturing overhead applied. By subtracting the cost of goods sold from the cost of goods manufactured, a company can determine the cost of inventory on its balance sheet.

What Schedule Is Used to Ensure Accuracy in Computing Product