In Manufacturing Corporation A’s inventory largely consists of raw materials used in manufacturing product alpha. The work in process inventory consists of partially completed alpha. The finished goods inventory consists of alpha that is ready to be sold to the customers or whole sellers.
Cost Classifications on Financial Statements: Learning Objectives of this Article: Prepare a schedule of cost of goods manufactured. Prepare income statement including a schedule of cost of goods sold. Merchandising and manufacturing firms, both prepare financial statement reports for creditors, stockholders, and others to