The production cost statement in a nutshell
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Video Overview
The statement that a manufacturing entity uses to calculate and show the cost of production of finished goods for the period, is the production cost statement. Once this is calculated, the cost of sales is calculated by adding the unsold finished goods from last period to the current period’s production and subtracting the unsold finished goods at the period end. This cost of sales amount is then used in the income statement towards calculating net profit.
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