Biology Forums - Study Force

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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