How to Prepare a Cost of Goods Manufactured Statement (Cost Accounting Tutorial #24)

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⌚Timestamps
0:00 - Introduction
0:30 - Inventory Subaccounts
1:20 - COGM Statement: Direct Materials
3:00 - COGM Statement: Direct Labor
3:50 - COGM Statement: Manufacturing Overhead
5:45 - COGM Statement: Work-in-process Inventory
7:20 - Calculating Cost of Goods Sold

The cost of goods manufactured statement displays the cost of products manufactured in a period by breaking down the costs into direct materials, direct labor, manufacturing overhead and changes in work in process. Cost of goods manufactured will ultimately be added to finished goods and be expensed as cost of goods sold.

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