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:
Disposable Income
Post-tax income households possess for saving or spending purposes.
Disposable Income
Disposable income refers to the sum of money that families can use for expenditures and savings once income taxes are deducted.
MPS (Marginal Propensity to Save)
The proportion of an increase in income that an individual or population saves rather than spends on consumption.
APC (Average Propensity to Consume)
The fraction of income that households plan to spend on goods and services; it is the ratio of total consumption to total disposable income.
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