Asked by Aiysha Edwards on Jul 15, 2024

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In the cost reconciliation report under the first-in, first-out method, the costs accounted for equals the cost of beginning work in process inventory plus the costs added during the period.

Cost Reconciliation Report

A financial report that reconciles the beginning and ending costs for a period, often used in manufacturing to track material, labor, and overhead.

Beginning Work

The initial stage or tasks that start a process, often referring to the beginning inventory or work-in-process in manufacturing.

Costs Added

Expenses that have been incurred additionally, often related to production or acquisition of inventory.

  • Construct and interpret a cost reconciliation report under FIFO and weighted-average methods.
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RD
Ruhama DestaJul 16, 2024
Final Answer :
False
Explanation :
In the cost reconciliation report under the first-in, first-out (FIFO) method, the costs accounted for include the cost of beginning work in process inventory plus the costs added during the period, but it specifically adjusts for the portion of the beginning inventory that was completed during the period, focusing only on the costs related to the work done in the current period.