The purpose of the statement of cost of goods manufactured is to: A. Calculate the cost of goods transferred to finished goods inventory during the period. B. Calculate cost of goods sold. C. Calculate net income. D. Both A and B

The correct answer is:

Calculate the cost of goods transferred to finished goods inventory during the period.(A)

Explanation:

Cost of Goods Manufactured (COGM) is the total cost of production for a company, during a period, and it is the total cost incurred in manufacturing goods and transferring goods to finished inventory.

Knowing the cost of goods manufactured is used to make managerial decisions because it tells whether the manufacturing costs is too high or too low relative to the selling price of a good, hence it can be used to adjust some components such as direct labor, direct materials, overhead etc.

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