ake recommendations for changes to be made to the companys approach to pro

ng and reporting profit

Our group calculates the product costing and profit by a schedule of cost
of goods manufactured and a schedule of cost of goods sold. These
schedules are not reported externally, which are unlike with the financial
statements.
Cost of goods manufactured=beginning work in process + total
manufacturing costs ending work in process
Cost of goods sold= beginning finished goods + cost of goods
manufactured ending finished goods
This approach could be used in manufacturing industry. It could not be
used in other industries, such as services industry, research field.