Homework Clinic
Social Science Clinic => Accounting => Topic started by: stananza on Feb 5, 2023
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When using a process costing system, the formula for reconciling the costs of production is
◦ Beginning WIP balance + Cost transferred-out - Ending inventory = Total costs to accounted for.
◦ Cost added during the period - Beginning WIP balance = Cost transferred out during the period + Ending WIP balance.
◦ Beginning WIP balance + Costs transferred out during the period + Ending WIP = Total costs accounted for.
◦ Beginning WIP balance + Cost added during the period = Cost transferred out during the period + Ending WIP balance.
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Beginning WIP balance + Cost added during the period = Cost transferred out during the period + Ending WIP balance.