Question

"The cost of goods manufactured for a period includes only the costs of units that are...

"The cost of goods manufactured for a period includes only the costs of units that are completed during the period.

" Is it true or false?

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Answer #2

The correct answer is

True

Explanation

Cost of goods manufactured refers to the goods which has been completed and transferred to finished goods and includes the cost of goods that has been completed during the period. The following is the formula for calculation of cost of goods manufactured

Cost of goods manufactured = Beginning work in process + direct material + direct labour + manufacturing overheads - Ending work in process

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