The entire cost of direct supplies, direct labor, and manufacturing overhead was moved from the unfinished goods inventory account to the finished goods inventory account. goods inventory account during an accounting period is Cost of goods manufactured.
What is Cost of goods manufactured?
The entire manufacturing expenses for goods that are completed during a specific accounting period are the cost of goods manufactured. These expenses cover the direct materials, direct labor, and manufacturing overhead for the goods that are moved from the production line to the completed goods stock.
Cost of Goods Manufactured = Direct Materials Cost + Direct Labor Cost + Manufacturing Overhead + Beginning WIP Inventory – Closing WIP Inventory.
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