Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 25 - No. 23)
What is the formula to calculate cost of goods manufactured?
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
Direct Materials + Direct Labor + Factory Overhead
Explanation
Cost of Goods Manufactured: Beginning WIP + Direct Materials + Direct Labor + Factory Overhead - Ending WIP
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