Respuesta :
We can describe the schedule of cost of goods manufactured as shown below.
The cost of goods manufactured schedule is utilized to calculate the cost of producing goods over time.
The cost of goods manufactured schedule provides the total manufacturing costs for the period which were added to work-in-process and adjusts these expenses for the change in the work-in-process inventory account.
The following line items are typically found in the schedule:
Beginning raw materials inventory
+ Cost of raw materials purchased
- Ending raw material inventory balance
= Raw materials used
+ Direct labor cost
+ Manufacturing overhead
= Total manufacturing cost
+/- Change in work-in-process inventory
= Cost of goods manufactured
During the period, the cost of goods manufactured amount is forwarded to the finished goods inventory account and used to calculate the cost of goods sold on the income statement.
The cost of goods sold then appears in the reporting entity's income statement, after which it is deducted from sales to evaluate the gross margin.
When a company uses standard costing, this computation can be avoided.
Hence, the cost of goods manufactured ties to the income statement.
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