What is the purpose of the Statement of Cost of Goods Manufactured?
Asked Mar 5, 2011, 01:58 PM
1. The cost of a manufactured product generally consists of which of the following Costs?
a. Direct materials cost and factory overhead cost
b. Direct labor cost and factory overhead costs
c. Direct labor costs, direct materials cost, and factory overhead cost.
d. Direct materials cost and direct labor cost
4. Which of the following is expensed as incurred in a manufacturing setting?
a. Sales commissions
b. Depreciation of factory buildings
c. Factory supervisorís salary
d. Direct materials used
5. What is the purpose of the Statement of Cost of Goods Manufactured?
a. to determine the ending materials inventory
b. to determine the ending work in process inventory
c. to determine the amounts transferred to finished goods
d. all of the answers are true