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The cost reconciliation report has two sections: “Costs to be accounted for” followed by “Costs accounted for”. The “Costs accounted for” portion of the cost reconciliation report includes the cost of ending work in process inventory and the costs added during the period.
True
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Question & Answer: The cost reconciliation report has two sections: “Costs to be accounted for” followed by…..
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False
Expert Answer
Costs accounted for section includes cost of ending work in progress and cost of goods transferred out. This section does not include costs added during the period.
Hence, given statement is False.
