What is meant by the term cost of goods manufactured (CGM)? How is CGM calculated?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
The term cost of goods manufactured refers to the total cost of the products that were completed ...View the full answer
Answered By
Pharashram rai
i am highly creative, resourceful and dedicated freelancer an excellent record of successful classroom presentations and writing . I have more than 4 years experience in tutoring students especially by using my note making strategies and engineering field . Especially adept at teaching methods of maths and writing , and flexible teaching style with the willingness to work beyond the call of duty. Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with .
4.80+
65+ Reviews
270+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
What is meant by the term cost of goods manufactured ? Why does this item appear on an income statement?
-
What is meant by the term absolute advantage? Describe how it works using a numerical example.
-
What is meant by the term comparative advantage? How does it differ from an absolute advantage?
-
The table lists the actual annual cost y to drive a midsize car 15,000 miles per year for selected years X. (a) Predict whether the correlation coefficient is positive, negative, or zero. (b) Find a...
-
1. What are the dangers of having a flawed mission statement? 2. How does a flawed statement affect the development of a unit's mission statement and subsequent individual job descriptions and goals?...
-
For each of the following descriptions, indicate the letter or letters associated with that description. You may use a letter more than once or not at all. Description 1. Third parties that, in some...
-
In 2020, Explorers Inc. completed installment sales of \(\$ 80,000\), recorded in full as accounts receivable and as revenue. For tax purposes, it recognizes income when cash is received. Cash...
-
Items 1 through 9 are selected questions of the type generally found in internal control questionnaires used by auditors to obtain an understanding of internal control in the sales and collection...
-
Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Homework: Section 8.2 Score: 0 of 1 pt S of 10 6 copland NW X...
-
Design a class hierarchy to represent syntax trees for the CFG of Figure 4.5. Provide a method in each class to return the value of a node. Provide constructors that play the role of the make_leaf,...
-
Why might the buttons used to make a shirt not be classied as a direct material? Give an instance in which buttons would be classied as a direct material.
-
Following are several duties performed by accountants. (a) Valuation of investments (b) Cost of goods manufactured calculation (c) Production of intermittent reports for management (d) Budgeting...
-
Evaluate each expression for a = -3, b = 64, and c = 6. 3a+ Vb
-
One year out of the Pennsylvania university system, Randy was hired by Meeker, a medical warehouse that provides pharmaceutical products to various hospitals and clinics within a three-state area....
-
For each of the following internal controls in the conversion/warehousing process of a consumer goods wholesaling firm, state the management assertion that the control helps meet and suggest a test...
-
Describe the similarities and differences between periodic and perpetual inventory accounting information systems. Include in your discussion the impacts on the types of tests performed and audit...
-
The CEO of Textrala Petroleum, a crude oil wholesaler, is on an incentive compensation plan that weighs accounting net income heavily when awarding compensation. For 2003, Textrala has done so well...
-
Describe why using confirmations for testing completeness of accounts payable is more challenging than using confirmations for testing existence of accounts receivable? How can auditors address this...
-
Do you change a subscript in a chemical formula to balance an equation?
-
Kenneth Hubbard has prepared the following list of statements about managerial accounting and financial accounting. 1. Financial accounting focuses on providing information to internal users. 2....
-
Alejandros lawn mowing service is a profit-maximizing, competitive firm. Alejandro mows lawns for 27 each. His total cost each day is 280, of which 30 is a fixed cost. He mows 10 lawns a day. What...
-
For the most recent fiscal year, the Southern Division of Fargo Corporation generated an asset turnover ratio of 5 and a profit margin (as measured by the segment margin) ratio of 6 percent on sales...
-
The following 2013 information is available for Leffingwell Industries: average assets invested $ 8,200,000; sales, $ 31,400,000; and expenses, $ 27,600,000. a. Calculate return on investment. (Round...
-
Ribocon Corp. has established a 12 percent target ROI for 2013 for its Lynchfield Division. The following data have been gathered for the divisions operations for 2013: average total assets, $...
-
The denominator of EPS is Question 71 options: average number of shares. preferred shares. shares authorized shares outstanding
-
8 Under Hitler's leadership, Germany formally announced a projected goal of having an army of the following size (pick one): a) 16 divisions, after careful analysis concluded that Germany lacked...
-
A credit balance in Retained Earnings is normal, indicating that the corporation's lifetime earnings exceed lifetime losses and dividends. Question 11 options: True False Question 12 (1 point) Saved...
Study smarter with the SolutionInn App