(True of False)
In a manufacturing company, the calculation of cost of goods sold is the beginning finished goods inventory plus the cost of goods manufactured less the ending finished goods inventory.
The sum of the direct materials costs, direct labor costs, and beginning work in process is the total manufacturing costs for the year.
The costs assigned to beginning work in process inventory are based on the manufacturing costs incurred in the prior period.
Raw Materials Inventory shows the cost of completed goods on hand.