Refer to the following information about the Shaping Department of the Minnesota Factory for the month of August.Minnesota Factory uses the FIFO method of inventory costing. 
The cost per equivalent unit of materials is $10.00,and the cost per equivalent unit of labor and overhead is $22.00.Compute the cost that should be assigned to the beginning units that were completed and transferred during August.
Definitions:
Payoff Table
A decision-making tool used in statistics and economics to display potential outcomes and their respective rewards or payoffs.
Electric Company
A business entity that generates, transmits, and/or distributes electricity to consumers and businesses.
Payoff Table
A matrix that shows the outcome (or payoff) of different strategies or decisions, given different states of nature or scenarios.
Expected Opportunity Loss
A measure of the average loss incurred from not choosing the best decision option under uncertainty.
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