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

Question

Quizplus · Accepted Answer

In the FIFO method, the costs to be accounted for include the cost of beginning work in process inventory plus the costs added during the period, not the cost of units transferred out.

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