Which of the following statements is false with regard to the schedule of cost o
ID: 2576684 • Letter: W
Question
Which of the following statements is false with regard to the schedule of cost of goods manufactured?
The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor and manufacturing overhead.
The schedule of cost of goods manufactured summarizes the portions of costs that remain in ending Work in Process inventory and that are transferred out of Work in Process to Finished Goods.
The schedule of cost of goods manufactured summarizes the portions of costs that remain in ending Finished Goods inventory and that are transferred out of finished goods to Cost of Goods Sold.
The schedule of cost of goods manufactured includes a calculation for raw materials used in production which is embedded in the schedule.
The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor and manufacturing overhead.
The schedule of cost of goods manufactured summarizes the portions of costs that remain in ending Work in Process inventory and that are transferred out of Work in Process to Finished Goods.
The schedule of cost of goods manufactured summarizes the portions of costs that remain in ending Finished Goods inventory and that are transferred out of finished goods to Cost of Goods Sold.
The schedule of cost of goods manufactured includes a calculation for raw materials used in production which is embedded in the schedule.
Explanation / Answer
Which of the following statements is false with regard to the schedule of cost of goods manufactured?
Answer is:
The schedule of cost of goods manufactured summarizes the portions of costs that remain in ending Finished Goods inventory and that are transferred out of finished goods to Cost of Goods Sold.
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