Asked by Samantha Sciutto on May 10, 2024
Verified
In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production − Ending raw materials inventory.
Total Direct Materials
The sum cost of all raw materials that are directly traceable to the manufacturing of a product.
Raw Materials Used
The total value of all raw materials employed in the manufacturing process to produce finished goods during a specific accounting period.
- Specify the practices of purchasing, utilizing, and requisitioning raw materials in the field of manufacturing.
Verified Answer
DM
Danielle MeeksMay 13, 2024
Final Answer :
False
Explanation :
Total direct materials used in production is calculated by adding the beginning raw materials inventory to the purchases of raw materials and then subtracting the ending raw materials inventory.
Learning Objectives
- Specify the practices of purchasing, utilizing, and requisitioning raw materials in the field of manufacturing.