Question

In the cost reconciliation report under the weighted-average method, the "Total cost accounted for" equals: A) Cost of beginning work in process inventory Cost of units transferred out B) Cost of beginning work in process inventory Cost of units transferred in C) Cost of ending work in process inventory Cost of units transferred out D) Cost of ending work in process inventory Cost added to production during the period

Answer 1

Answer:

C) Cost of ending work in process inventory Cost of units transferred out

Explanation:

The cost reconciliation wil lbe as follows:

Total to account for:

        Beginning work in process inventory          2

        Cost added during the period                     8

                                                                             10

Cost accounted for as follows:

        Cost of units transferred out                        7

        Cost of ending work in process inventory  3

                                                                              10

Which makes statement C correct.