A manufacturing company reports cost of goods manufactured as a(n) A. component of the raw materials inventory on the balance sheet. B. current asset on the balance sheet. C. administrative expense on the income statement. D. component in the calculation of cost of goods sold on the income statement.

D. component in the calculation of cost of goods sold on the income statement.

Explanation:

In the income statement, cost of goods manufactured is transferred from the manufacturing account and added to the beginning finished goods while the ending finished goods is deducted to obtain the cost of good sold. This can be presented as follows:

Details                                          Amount ($)

Beginning finished goods                  xx

Cost of goods manufactured          xxx  

Cost of goods available for sale      

Ending finished goods                      (xx)  

Cost of good sold                              xxx  

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