Question: Indicate whether the following statements are true or false. COG means Cost of goods. FG Inv means Finished goods inventory. WIP means Work in process

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Indicate whether the following statements are true or false. "COG" means "Cost of goods". "FG Inv" means "Finished goods inventory". "WIP" means "Work in

Indicate whether the following statements are true or false. "COG" means "Cost of goods". "FG Inv" means "Finished goods inventory". "WIP" means "Work in process inventory". "MO" means "Manufacturing overhead". "DM" means "Direct Material". FG available for sale + Ending FG Inv = COG sold Beginning merchandise inventory - COG purchased = COG available for sale COG available for sale - Ending merchandise inventory = COG sold Beg FG Inv + COG manufactured = COG sold Total DM available for use - Ending DM inventory =DM put into production Beginning WIP + Total 1. True manufacturing costs incurred - Ending WIP = 2. False COG Manufactured Total cost of WIP + Ending WIP = COG Manufactured DM put into production + Direct labor + Total MO= Total manufacturing costs incurred Beginning WIP + Total manufacturing costs incurred = Total cost of WIP Beginning DM inventory + DM purchased = DM put into production

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