Concept introduction
Cost sheet is the statement of cost of an organization which includes the cost of goods
Cost of goods manufactured means all the cost incurred for the purpose of manufacturing the goods and ready for sale. It includes the factory expenses, material cost, labor cost and
Cost of goods sold is the cost of those goods that has been sold by the organization during the said particular period. It only includes the sale portions cost and rest cost is considered in closing inventory.
Requirement 1
To calculate
We need to calculate the cost of goods manufactured.
Requirement 2:-
To calculate
We need to calculate the cost of goods sold.
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Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
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