In the cost reconciliation report, the costs accounted for equals the cost of ending work in process inventory plus the costs added during the period.

Name: In the cost reconciliation report, the costs accounted for equals the cost of ending work in process inventory plus the costs added during the period.
Brand: Quizplus
Rating: 5.0 (40 reviews)

Question

Quizplus · Accepted Answer

The costs accounted for in a cost reconciliation report equal the cost of ending work in process inventory plus the cost of units transferred out, not just the costs added during the period.

In the Cost Reconciliation Report, the Costs Accounted for Equals