BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -COGM = Beginning WIP inventory + total manufacturing costs-ending WIP inventory. To find the total manufacturing costs, add direct materials, labour, and other overhead manufacturing costs.

Detailed explanation-2: -COGM includes all expenses related to the manufacturing process from inventory and factory overhead to labor. It is calculated by adding together the total costs of manufacturing and beginning work in process (or WIP) inventory and subtracting the ending WIP inventory from their sum.

Detailed explanation-3: -Cost of Goods Manufactured (COGM) is a term used in managerial accounting that refers to a schedule or statement that shows the total production costs for a company during a specific period of time.

Detailed explanation-4: -Work in process = (operating inventory goods in process + raw materials used during the period + direct labor during the period + factory overhead for a period) – ending inventory.