What is the formula for calculating the cost of goods manufactured?

The formula for calculating the Cost of Goods Manufactured (COGM) is:

COGM = Beginning Work in Progress (WIP) Inventory + Total Manufacturing Costs - Ending WIP Inventory.

Total Manufacturing Costs include direct materials used, direct labor, and manufacturing overhead incurred during the period. This formula provides insights into the total production costs of goods that were completed during a specific timeframe.