Question

In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $13,000. During the month, $283,000 of costs were added to production. In the department's cost reconciliation report for August, the total cost to be accounted for would be:

Answer 1

Answer:

total cost to be accounted = $294,000

Explanation:

Work in Process

Beginning value of WIP = $24,000

Ending value of WIP = $13,000

Cost added to production = $283,000

Cost to be accounted for = Beginning value of WIP + Cost added to production - Ending value of WIP

Cost to be accounted for = $24,000 + $283,000 - $13,000 = $294,000