Answer:
No
Explanation:
The computation of the cost of goods manufactured would be
= Direct material cost + Direct labor cost + Manufacturing Overhead cost
where,
Manufacturing Overhead would be
= Factory overhead + Beginning work-in-process - Ending work-in-process
The above equation shows a cost allocated to direct material, direct labor and the manufacturing overhead
And, the cost of goods sold would be
= Beginning balance of inventory + cost of goods manufactured - ending balance of inventory
By this above equation, we get to know that the cost of goods manufactured is a sub part of the cost of goods sold
The other formula of cost of goods sold
= Beginning balance of inventory + purchase made during the year - ending balance of inventory
