in july, one of the processing departments at feickert corporation had a beginning work - in - process…

in july, one of the processing departments at feickert corporation had a beginning work - in - process inventory of $23,000 and an ending work - in - process inventory of $16,000. during the month, $268,000 of costs were added to production, and the cost of units transferred out from the department was $275,000. in the departments cost reconciliation report for july, the total cost to be accounted for would be $582,000. $39,000. $291,000. $559,000.

in july, one of the processing departments at feickert corporation had a beginning work - in - process inventory of $23,000 and an ending work - in - process inventory of $16,000. during the month, $268,000 of costs were added to production, and the cost of units transferred out from the department was $275,000. in the departments cost reconciliation report for july, the total cost to be accounted for would be $582,000. $39,000. $291,000. $559,000.

Answer

Explanation:

Step1: Recall the formula for total cost to be accounted for

The total cost to be accounted for is the sum of the beginning work - in - process inventory and the costs added during the month. $$\text{Total cost to be accounted for}=\text{Beginning WIP}+\text{Costs added}$$

Step2: Substitute the given values

Given that the beginning work - in - process (WIP) inventory is $$23,000$ and the costs added during the month is $$268,000$. $$\text{Total cost to be accounted for}=23000 + 268000$$

Step3: Calculate the result

$$23000+268000=$291,000$$

Answer:

$$291,000$ (the third option).