A cost of goods manufactured statement should be prepared after the income statement has been prepared.

Question

Molike Honono · Accepted Answer

Final Answer : False, Explanation :  The cost of goods manufactured statement is prepared before the income statement because it calculates the cost of goods that were completed during the period, which is necessary to determine the cost of goods sold, a key component of the income statement.

A cost of goods manufactured statement should be prepared after the income statement has been prepared.

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Learning Objectives

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