Refer to the Following Information About the Shaping Department of the Minnesota

question 95

Essay

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 all units that were completed and transferred during August.
$$\begin{array} { l | l | l } & \begin{array} { l } \text { Equival ent } \\\text { Units }\end{array} & \begin{array} { l } \text { Total } \\\text { Cost }\end{array} \\\hline \text { Beginning Work in Procest: } & & \\\hline \text { Costs from prior month } & & \$ 7,000 \\\hline \text { Materials added } & 300 & \\\hline \text { Labor and overhead added } & 375 & \\\hline \text { Started and completed goods: } & & \\\hline \text { Materials added } & 2,000 & \\\hline \text { Labor and overhead added } & 2,000 & \\\hline \text { Fnding Work in Procest: } & & \\\hline \text { Materials added } & 320 & \\\hline \text { Labor and overhead added } & 360 &\end{array}$$

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Definitions:

Internal Candidates

Employees within an organization who are considered for a vacant position or promotion, as opposed to sourcing candidates from outside the organization.

Succession Management

The process of identifying and developing new leaders who can replace old leaders when they leave, retire, or die.

Labour Gaps

Refers to the discrepancies between the skills and qualifications employers require and those that employees possess.

Corporate Culture

The shared values, beliefs, attitudes, and behaviors that characterize members of an organization and define its nature.