The following format represents the flow of costs for all three manufacturing inventory accounts: Beginning balance...
The following format represents the flow of costs for all three manufacturing inventory accounts: Beginning balance + Additions
minus−
Ending balance = Amount used, manufactured, or sold.
True or False
Homework Answers
Ans.
Beginning balance + Additions − Ending balance = Amount used, manufactured, or sold.
This is true.
As to calculate the Cost of all three manufacturing inventory accounts as Material used , Cost of Goods manufactured and Cost of Goods sold the method remain same For eg
Material used = Raw Materials Inventory at beginning + Raw Material Purchases – Raw Materials Inventory at end
Cost of Goods Manufactured = Work In Process Inventory at beginning + Total Manufacturing Cost - Work in Process Inventory at end
Cost of Goods Sold = Finished Goods Inventory at beginning+ Cost of Goods Manufactured – Finished Goods Inventory at end
So the given sataement is correct or true.
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The following format represents the flow of costs for all three
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