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.
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.
Definitions:
NCI
Non-controlling interest (NCI) refers to the portion of equity interest in a subsidiary not owned directly or indirectly by the parent company.
Fair Value
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.
Goodwill
An asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised.
NCI Adjustment
Adjustments made to the non-controlling interest in a subsidiary to reflect their proportionate share of the profits or losses.
Q15: In a job order costing system, indirect
Q89: A company uses a process costing system.
Q141: A fixed cost:<br>A) Requires the future outlay
Q146: A company uses the FIFO method for
Q148: Raw materials inventory should not include indirect
Q167: Using conversion cost per equivalent unit is
Q171: Drop Anchor takes special orders to manufacture
Q172: During January, the production department of a
Q210: Source documents identify and describe transactions and
Q245: Period costs for a manufacturing company flow