In the cost reconciliation report under the FIFO method, the costs accounted for equals the cost of ending work in process inventory plus the cost of units transferred out.

Question

Quizplus · Accepted Answer

This is correct as per the FIFO method, the cost of ending work in process inventory and the cost of units transferred out are added to reach the total cost accounted for.

In the Cost Reconciliation Report Under the FIFO Method, the Costs