Refer to the following information about the Dipping Department of the Indiana Factory for the month of August. Indiana 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 ending goods in process inventory for August.
Definitions:
Consolidated Financial Statements
Financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as a single entity.
Parent Entity Financial Statements
Financial reports that consolidate the financial performance and position of a parent company and its subsidiaries.
Condensed Segment Data
A summarized presentation of financial information by different segments within a business.
Prescriptive
An approach or method that provides specific instructions, rules, or recommendations to achieve a particular outcome.
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