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

question 58

Essay

Refer to the following information about the Shaping Department of the Minnesota Factory for the month of August. Minnesota Factory uses the weighted average method of inventory costing.
$\begin{array} { l | l | l } & \begin{array} { l } \text { Equivalent } \\\text { Units }\end{array} & \begin{array} { l } \text { Total } \\\text { Cost }\end{array} \\\hline \text { Beginning Work in Process: } & & \\\hline \text { Costs from prior month } & & \$ 7,000 \\\hline \text { Materials added } & 300 & \\\hline \text { Labor and overhead added } & 375 & \\\hline \text { Started and completed goods: } & & \\\hline\end{array}$
$$\begin{array} { | l | l | l } \hline \text { Materials added } & 2,000 & \\\hline \text { Labor and overhead added } & 2,000 & \\\hline \text { Ending Work in Process: } & & \\\hline \text { Materials added } & 320 & \\\hline \text { Labor and overhead added } & 360 &\end{array}$$ 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 units that were started and completed during August.

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Definitions:

Biases

inclinations or prejudices in favor of or against one thing, person, or group compared with another, usually in a way considered to be unfair.

Field Experiment

An experimental research study conducted in a natural, real-world setting outside the laboratory.

Intergroup Prejudice

Negative beliefs, feelings, or attitudes one holds about a group different from their own, often leading to discrimination.

Interracial Marriage

A marriage between partners who belong to different racial groups, challenging social norms and often leading to increased understanding of diversity.