MC 28 What is the purpose of the Cost of Goods Manufactured schedule?
A. To calculate the total cost of goods sold during a specific period.
B. To calculate the cost of goods manufactured during a specific period.
C. To calculate the total manufacturing cost during a specific period.
D. To calculate the total cost of goods manufactured and sold during a specific perioD.
Answer:B
MC 28 What is the purpose of the Cost of Goods Manufactured schedule?
A. To calculate the total cost of goods sold during a specific period. B. To calculate the cost of goods manufactured during a specific period. C. To calculate the total manufacturing cost during a specific period. D. To calculate the total cost of goods manufactured and sold during a specific perioD.
Explanation: The Cost of Goods Manufactured schedule is used to calculate the cost of goods manufactured during a specific period, which includes the total cost of direct materials, direct labor, and manufacturing overhead allocated to the products that were completed during the period.