A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a manufacturing statement.
A manufacturing statement refers to a summary of all of the manufacturing activities and costs. It is also called the schedule of manufacturing activities. During the manufacturing process, manufacturers perform many activities and incur many different costs.
A manufacturing statement is a financial report which summarizes the amounts and types of costs. Thus, in order to calculate the overall cost of manufacturing, and to track each activity and expense, a manufacturing statement is used.
Hence, a manufacturing statement is very useful in an organization.
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