Determine if the statements about the schedule of cost of goods manufactured are true. 1. The Schedule of Cost of Goods Manufactured contains three elements of product costs--direct materials, direct lobor, and manufacturing overload Il The Schedule of Cost of Goods Manufactured summarizes the portions of its product costs that remain in ending Work in Process inventory and that transferred out of Work in Process into Finished Goods. Multiple Choice Only statement is true Both statements and IT are true Neither statement is true