Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 17 - No. 44)
Which formula is used to calculate the cost of goods manufactured (COGM)?
Beginning WIP + Direct Materials + Direct Labor + Factory Overhead - Ending WIP
Beginning WIP - Direct Materials - Direct Labor - Factory Overhead + Ending WIP
Beginning WIP + Direct Materials + Direct Labor - Factory Overhead + Ending WIP
Beginning WIP + Direct Materials - Direct Labor - Factory Overhead - Ending WIP
Explanation
COGM = Beginning WIP + Direct Materials + Direct Labor + Factory Overhead - Ending WIP
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