Chapter 19, Problem 24E

1.

To determine

Concept introduction:

Cost of goods manufactured: Cost of goods manufactured refers to the total amount of cost incurred during manufacturing the good for a particular accounting or financial period. The cost of goods manufactured mainly includes direct material, direct labor, and manufacturing overheads.

To Prepare: The schedule of cost of goods manufactured for the end of the month.

2.

To determine

Concept introduction:

Managerial accounting: Managerial accounting refers to that method of accounting where reports and documents are made and used for taking proper management decisions related to the business and its activities. Managerial accounting is also known as management accounting.

To compute: The gross profit.