Question & Answer: The cost reconciliation report has two sections: “Costs to be accounted for” followed by…..

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

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.

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