In the cost reconciliation report under the first-in, first-out method, the costs accounted for equals the cost of units transferred out plus the costs added during the period.

Question

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In the cost reconciliation report under the FIFO method, the costs accounted for equals the cost of units transferred out plus the cost of ending work in process inventory, not the costs added during the period.

In the Cost Reconciliation Report Under the First-In, First-Out Method