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The determination of the cost of goods manufactured (COGM) involves the following factors:
(A) beginning work in process inventory,
(B) total manufacturing costs, and
(C) ending work in process inventory.
Identify the meaning of x in the following formulas below (a) and (b). <---- Question
In addition define "Cost of Goods Manufactured(COGM)" and how this COGM figure would be different from COGS (Cost of Goods Sold).
(a) A + B = x
(b) A + B - C = x
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