In a production-cost report, the total costs accounted for are equal to the cost of units completed and transferred plus the cost of _____.
A)beginning work-in-process inventory
B)the units started and finished
C)the units completed but still on hand
D)ending work-in-process inventory

Question

Quizplus · Accepted Answer

The total costs accounted for in a production-cost report include the cost of units completed and transferred as well as the cost of ending work-in-process inventory. Beginning work-in-process inventory and units completed but still on hand are accounted for in previous periods' production-cost reports. The cost of units started and finished is already included in the cost of units completed and transferred. Therefore, the correct answer is D.

In a Production-Cost Report, the Total Costs Accounted for Are