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.Prepare a cost reconciliation for the month of August.
Definitions:
Buyer/Lessee
The individual or entity that purchases or leases goods or property.
Breach
The action of violating or not adhering to a rule, contract, or ethical guideline.
Inspect
The act of examining or reviewing something carefully to determine its condition or to ascertain compliance with specific requirements or standards.
Merchantable
A legal term meaning something is of sufficient quality to be sold, meeting reasonable expectations for its kind.
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