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.