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Question 1 (201'.Ir Jan Q3) Holly Oil Company manufactures motor oil and uses a process costing system. The motor oil is processed in two departments: rening and packaging. Oil that is rened in the rening department is transferred to the packaging department at the start of the packaging process. Conversion costs are added evenly throughout the packaging process. During June 201?, Holly Oil's rst month of operations, the company manufactured and sold 350,000 packets of motor oil. This generated total revenue of $3,982,500. Each packet of motor oil contains four (4) litres. At the end of June 201?, there were 40,000 litres of the oil remaining in work in process (WIP) of the packaging department. This WIP is 100% complete with respect to material, and 50% complete with respect to conversion costs. There was no ending WIP in the rening department at the end of June 201?. The following table summarises the costs incurred in each department in June: Packaging $100,000 $1,300,000 Direct labour 2,200,000 1,420,000 Manufacturing overhead 9,540,000 3' 10,000 ammo mama Required: (a) Using FJI'O process costing, compute equivalent units of production for Holly Oil in the packaging department and calculate the costs per packet in June 201?. (Clearly show the costs per equivalent unit to the nearest cent for each cost category). What is the prot margin per packet of motor oil? (1')) Based on your computations in (a), write journal entries to transfer the manufacturing costs 'om the rening department to the packaging department, and record the costs of goods completed and sold in June 2017. (c) Discuss the likely change in the unit costs for motor oil if the weighted average process costing was used instead of FIFO (Computations are not required, but clearly state the reasons for your conclusions)