The terms total manufacturing costs and total cost of goods manufactured are synonymous.

Name: The terms total manufacturing costs and total cost of goods manufactured are synonymous.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Total manufacturing costs include direct materials, direct labor, and manufacturing overhead incurred during the period, while total cost of goods manufactured also includes the beginning and ending work-in-process inventory to calculate the cost of goods actually completed.

The Terms Total Manufacturing Costs and Total Cost of Goods