MANAGERIAL ACCOUNTING CONNECT ACCESS
MANAGERIAL ACCOUNTING CONNECT ACCESS
17th Edition
ISBN: 9781265750879
Author: Garrison
Publisher: MCG
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Chapter 3, Problem 1Q
To determine

The connection between Cost of Goods Manufactured and Cost of Goods Sold.

Expert Solution & Answer
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Answer to Problem 1Q

Solution: “Finished Goods” is the connection between Cost of Goods Manufactured and Cost of Goods Sold.

Explanation of Solution

Cost of Goods Manufactured: It implies the value of inventory that has been produced in a given period.

Cost of Goods Sold: It implies the value of goods that has been sold.

Formula to show the link between the two:

    Particulars$
    Cost of Goods Manufactured
    (+) Beginning Inventory in Finished Goods
    (-) Closing Inventory in Finished Goods
    Cost of Goods Sold
Conclusion

To conclude, it must be said that connecting link between the two schedules is the net inventory in Finished Goods.

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Chapter 3 Solutions

MANAGERIAL ACCOUNTING CONNECT ACCESS

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Cost Classifications - Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=QQd1_gEF1yM;License: Standard Youtube License