Statement of Cost of Goods Manufactured

[ˈsteɪtmənt əv kɒst əv gʊdz ˈmænjʊˌfækʧərd]

What is the definition of Statement of Cost of Goods Manufactured?

A financial report that summarizes the total manufacturing costs incurred during an accounting period, including the costs of materials, labor, and overhead, to produce goods.

Using Statement of Cost of Goods Manufactured in an Example

The Statement of Cost of Goods Manufactured for the quarter showed a significant increase in direct labor costs, which was attributed to overtime wages needed to meet heightened production demands.

Using Statement of Cost of Goods Manufactured in a sentence

During the annual audit, the CFO reviewed the Statement of Cost of Goods Manufactured to explain the increased production costs to the stakeholders.

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