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What is the purpose of the statement of cost of goods manufactured? A. to determine the ending work in process inventory B. to determine the ending materials inventory C. to determine the amounts transferred to finished goods D. All of these choices are correct.

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Answer:

C. to determine the amounts transferred to finished goods

Explanation:

The statement for the cost of goods manufactured is a statement indicating the total cost used in the production process. It is used in estimating the cost that an organization incurs in producing a product and converting it to a finished product. It helps in determining the amount or costs transferred to finished goods. It is used in calculating the cost of goods sold on the income statement. It involves all cost used in the manufacturing process including the overhead costs.