What is Schedule of Cost of Goods Manufactured?

[denjoshep]

can someone explain what a Schedule of Cost of Goods Manufactured is? I’m trying to understand how it’s prepared and what purpose it serves in accounting. Any clear examples or breakdowns would be really helpful!

 

[jainnorton]

A Schedule of Cost of Goods Manufactured is a financial statement that is used to summarize the costs that were incurred in production of goods within a period of time. It includes the direct materials and direct labor and manufacturing overheads to get the overall cost of manufacturing.

 

[BlissCore]

A Schedule of Cost of Goods Manufactured (COGM) is a report that reflects the total cost of production of goods completed for a period. It includes direct materials, direct labor and manufacturing overhead with modifications for work-in-progress inventory. Essentially, it assists businesses to track how much it costs to make their products before they are sold.

 

[isabel]

A Schedule of Cost of Goods Manufactured is used to calculate the cost of goods completed by summing up the cost of production at a period, the cost of materials, labor and overhead that is used. It assists in monitoring efficiency and costs of manufacturing.

 

[Rick_Grimes]

The Schedule of Cost of Goods Manufactured (COGM) is a statement that shows the total production costs for a period—including direct materials, direct labor, and manufacturing overhead—to determine the cost of goods completed during that time.