Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

Financial Accounting

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

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Multiple Choice

A schedule of cost of goods manufactured includes all of the following costs EXCEPT:

Manufacturing overhead

Direct materials used

Direct labor

Cost of goods sold

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Verified step by step guidance

Understand the concept of the schedule of cost of goods manufactured: This schedule is a detailed statement that calculates the total manufacturing costs incurred during a period and adjusts for changes in work-in-process inventory to determine the cost of goods manufactured.

Identify the components included in the schedule: The schedule includes direct materials used, direct labor, and manufacturing overhead. These are the three main categories of manufacturing costs.

Clarify the role of cost of goods sold: Cost of goods sold is not part of the schedule of cost of goods manufactured. Instead, it is calculated separately and represents the cost of goods that were sold during the period, derived from the finished goods inventory.

Distinguish between cost of goods manufactured and cost of goods sold: Cost of goods manufactured refers to the total cost of goods completed during the period, while cost of goods sold refers to the cost of goods that were sold. These are related but distinct concepts.

Conclude that the correct answer is 'Cost of goods sold': Since the schedule of cost of goods manufactured focuses on production costs and does not include cost of goods sold, this is the correct exclusion.