Indicate Whether Each of the Following Statements Is True or False.The

Short Answer

Indicate whether each of the following statements is true or false.The schedule of cost of goods manufactured and sold is included as part of a company's income statement.The schedule of cost of goods manufactured and sold indicates the amount of direct raw materials used during the period.Direct raw materials used + direct labor + manufacturing overhead = total manufacturing costs.Cost of goods manufactured + ending finished goods -beginning finished goods = cost of goods sold.Cost of goods manufactured is calculated on the schedule of cost of goods manufactured and sold and is reported on the income statement.