Costs of goods sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. to determine costs of goods sold, three formulas where used representing the three different categories of inventory. which schedule is based on work in process inventory?

There are 3 types of Inventory as below:

1) Raw Material Inventory

2)Work in Process Inventory

3)Finished Goods Inventory

Schedule for Work in Process Inventory is as below:

Beginning Balance of Work in ProcessXXX

Direct Materials

Beginning Balance of Direct MaterialsXXX

Add: Purchase of Raw MaterialsXXX

Total Raw Materials AvailableXXX

Less: Ending Balance of Raw Materials(XXX)

Raw Materials ConsumedXXX

Direct LabourXXX

Manufacturing Costs

Indirect LabourXXX

Factory RepairsXXX

Factory UtilityXXX

Total Manufacturing OverheadXXX

Total Manufacturing CostsXXX

Total Cost of Work in ProcessXXX

Less: Ending Balance of WIP(XXX)

Cost of Goods ManufacturedXXX

the answer is     d. in our global economy, most job growth will be in services, but manufacturing jobs will exist, too.

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