Labour costs that cannot be physically or conveniently traced to the creation of products are called indirect labour and are recorded as an administrative expense on the income statement Select one True False How do you calculate cost of goods manufactured? Select one: a. Beginning finished goods inventory + manufacturing costs = cost of goods available for sale - ending finished goods inventory = cost of goods manufactured b. Beginning work in process inventory manufacturing costs = total work in process for the period - ending work in process inventory = cost of goods manufactured c. Beginning work in process inventory + manufacturing overhead = total manufacturing costs - ending work in process inventory = cost of goods manufactured d. Beginning raw materials inventory + purchases - raw materials available for use in production - ending raw materials inventory = cost of goods manufactured The cost of packaging a product can be considered a product cost or a period cost depending on the nature of the operations. Activate Windows Select one True False 11:08 AM