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Distinguish between the main components of the income statement for a manufacturing company which makes...

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Accounting

Distinguish between the main components of the income statement for a manufacturing company which makes clothing and a retail company that only buys and sells clothing.

A manufacturing company makes the products that it sells. Briefly identify and define the cost elements that are incurred in making a product. After product cost elements are identified, how is the cost of goods manufactured for a period determined?

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