2. Kelco Inc.manufactures stone counter top cleaner in a continuous process and uses a process cost system. During the month the company started 500,000 gallons of raw material into process at a cost of $450,000. It takes 1.25 gallons of raw material to produce 1 gallon of cleaner. In addition the company spent $1,200,000 in direct labor cost and $2,000,000 in manufacturing OH. During the month 350,000 gallons of 2 cleaner were complete and transferred to finished goods. 300,000 gallons of cleaner were sold for a total price of $3, 100,000. At the end of the month the stone cleaner still in WIP inventory was 100% complete as to raw matt. and 35% complete as to direct labor and factory OH. Required: a. Assume there are no beginning inventories in work in process and finished goods. Use the following form to determine the cost per equivalent unit of production. the ending inventory value of WIP and F.G. inventory, the Cost of Goods Sold and the Gross Profit for the month. Use the table below to calculate the Cost Per Equivalent Unit. COST TOTAL PER % EQUVL UNITS EQUV TOTAL EQUV UNITS COMP UNITS TRANS UNITS COST UNT. MATL LABOR O. H. Use the "T" accounts below to determine the ending inventory value of WIP, F.G. inventory, and the Cost of Goods Sold. WIP INVENTORY FINSIHED GOODS INV COST OF GDS SOLD b. What is the gross profit for the month