Asked by Nelli Vartanian on May 11, 2024
Verified
Finished goods inventory does not appear on a cost of goods manufactured schedule.
Finished Goods Inventory
Inventory consisting of products that have been completed but not yet sold to customers.
Cost Of Goods Manufactured
The total production cost incurred by a company to produce goods in a specific period, including labor, material, and overhead costs.
- Acquire knowledge regarding the divergences among diverse forms of inventories and their depiction in financial documentation.
Verified Answer
SN
Sarah NiumeitoluMay 12, 2024
Final Answer :
True
Explanation :
Finished goods inventory is already produced during the manufacturing process and is not part of the cost of goods manufactured schedule, which only includes the cost of goods that were manufactured during the current period.
Learning Objectives
- Acquire knowledge regarding the divergences among diverse forms of inventories and their depiction in financial documentation.
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