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.

Cost Reconciliation Report

A financial document detailing the reconciliation of costs, often between actual and standard figures, in the context of manufacturing or production.

Ending Work in Process Inventory

Ending work in process (WIP) inventory refers to the total cost of all unfinished goods that are still in the production process at the end of an accounting period.

Beginning Work in Process Inventory

Beginning work in process inventory represents the value of production inputs that are partially completed at the start of an accounting period.