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The Hogwarts Oil Company began business on January 1st 2022. During 2022 and 2023 Hogwarts incurred the following 2022 Purchased 1,000,000 barrels of iol at
| The Hogwarts Oil Company began business on January 1st 2022. During 2022 and 2023 Hogwarts incurred the following | |||||||||
| 2022 | |||||||||
| Purchased 1,000,000 barrels of iol at $10 per barrel | |||||||||
| transferred 930,000 barrels of oil into the refinery | |||||||||
| produced 850,000 barrels of gasoline | |||||||||
| it takes 4 days to convert oil into gas the oil in the refinery was 3/4 done | |||||||||
| labor costs at the refinery $1,200,000 | |||||||||
| overhead costs at the refinery $175,000 | |||||||||
| 725,000 barrels of gasoline were sold to the public | |||||||||
| 2023 | |||||||||
| purchased 1,000,000 barrels of oil at $10 per barrel | |||||||||
| transferred 1,050,000 barrels of oil into the refinery | |||||||||
| produced 1,025,000 barrels of gasoline | |||||||||
| it takes 4 days to convert oil into gas and the oil in the refinery was there for only 1 day (1/4 done) | |||||||||
| labor costs at the refinery $1,300,000 | |||||||||
| overhead costs at the refinery $700,000 | |||||||||
| sold 990,000 barrels of gasoline to the public | |||||||||
| REQUIRED: | |||||||||
| A) USING FIFO PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE IN 2022 | |||||||||
| B) USING FIFO PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE STARTED IN 2022 AND COMPLETED IN 2023 | |||||||||
| C) USING FIFO PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE STARTED AND FINISHED IN 2023 | |||||||||
| D) USING WEIGHTED AVERAGE PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE IN 2022 | |||||||||
| E) USING WEIGHTED AVERAGE PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE IN 2023 | |||||||||
| F) USING WEIGHTED AVERAGE PROCESS COSTING DETERMINE THE 2022 VALUE OF: | |||||||||
| 1) RAW MATERIALS | |||||||||
| 2) WORK IN PROCESS | |||||||||
| 3) FINISHED GOODS | |||||||||
| 4) COST OF GOODS SOLD | |||||||||
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Visual Auditory And Kinesthetic Self Audit Communication And Learning Profiles
Authors: Brian Everard Walsh, Ronald Willard, Astrid Whiting
1st Edition
098666555X, 978-0986665554
