Question

A schedule of cost of goods manufactured is also known as a: Multiple Choice Raw materials processed schedule. Factory supplies used schedule. Manufacturing statement. Total finished goods statement. Cost of goods sold schedule.

Answer 1

Manufacturing statement

Step-by-step explanation:

As the schedule for the raw material i.e used during the year is the same for the factory supplies i.e used. The finished goods statement is the statement which only records the actual goods that are finished during the year. And, the cost of goods schedule shows the sold-out schedule of the goods

And,

As we know that

Cost of goods manufactured = Beginning work in process + Raw materials used + direct labor cost + overhead cost - closing work in process

Therefore the cost of goods manufactured schedule is also known as Manufacturing statement