A schedule of cost of goods sold include actual factory overhead, direct materials, work-in-process inventory and direct labor used.
The direct costs of producing the items that a business offers are referred to as its cost of goods sold (COGS). The cost of the labor and materials directly employed to make the good are also factored into this sum. It does not incorporate indirect expenditures like those connected with the sales staff and delivery. As a company's gross profit is calculated by deducting COGS from its earnings, cost of goods sold is a crucial financial statement statistic. The gross profit is a measure of profitability that assesses how efficiently an organization utilizes its workers and resources during the manufacturing operation. Cost of goods sold consist of direct materials, direct labor, manufacturing overhead and work-in-process.
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