Chapter 18 299 The cost of goods manufactured is $245,000. The finished goods inventory increased from the beginning to the end of the period by $8,000, while the work in process inventory increased from the beginning to the end of the period by $3,000. What is the cost of goods sold? a. $234,000 b. $237,000 c. $253,000 d. $256,000 | TRUE/FALSE Instructions: Indicate whether each of the following statements is true or false by placing a check mark in the appropriate column. True False 1. Managerial accounting reports are intended for use by external users, such as bankers.......... 2. The sales department is a staff department. 3. The controlling phase of the management process consists of monitoring the operating results of implemented plans... 4. The paper for a textbook would be classified as direct material. 5. The cost of electricity for running machinery in a factory would be classified as a direct manufacturing cost........ 6. The salary of the production engineer is a direct labor cost. 7. The cost of cheese for a pizza would be classified as a product cost..... 8. The conversion cost is equal to the cost of goods manufactured..... 9. The balance sheet of a manufacturing business would include materials, work in process, and finished goods inventory 10. If the work in process inventory increased during the period, then the cost of goods manufactured will be less than the total manufacturing costs added to production....... || | |