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 cost of beginning work in process inventory.

Question

Quizplus · Accepted Answer

The "Costs accounted for" portion of the cost reconciliation report includes the cost of ending work in process inventory and the cost of units completed during the period, not the cost of beginning work in process inventory. The cost of beginning work in process inventory is included in the "Costs to be accounted for" section.

The Cost Reconciliation Report Has Two Sections: "Costs to Be