The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor, and manufacturing overhead-and it summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.

This statement is true. The schedule of cost of goods manufactured shows the total cost of goods that were completed during a particular period, which includes direct materials, direct labor, and manufacturing overhead. It also shows the portion of these costs that remain in ending Work in Process inventory and the portion that is transferred out of Work in Process into Finished Goods.