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The cost reconciliation report has two sections: “Costs to be accounted for” followed by “Costs accounted...

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. T or F

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Answer #1

No, Cost accounted for section includes cost of ending work in process inventory but does not includes cost of beginning work in process inventory.

So above statement that is says 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 is False

So answer is F (false)

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