The Hogwarts Oil Company began business on January 1st 2022. During 2022 and 2023 Hogwarts incurred the following 2022 purchased 500,000 barrels of oil at $75 per barrel transferred 460,000 barrels of oil into the refinery produced 430,000 barrels of gasoline it takes 3 days to convert oil into gas and the oil still in the refinery were 2/3 complete Labor costs at the refinery $800,000 overhead costs at the refinery $125000 395000 barrels of gasoline was sold to the public 2023 purchased 500,000 barrels of oil at $75 per barrel transferred 510,000 barrels of oil into the refinery produced 512000 barrels of gasoline it takes 3 days to convert oil into gas and the oil still in the refinery was 1/3 complete labor costs at the refinery $802000 overhead costs at the refinery $130,000 sold 502000 barrels of gasoline to the public 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 GASOUNE 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 The Hogwarts Oil Company began business on January 1st 2022. During 2022 and 2023 Hogwarts incurred the following 2022 purchased 500,000 barrels of oil at $75 per barrel transferred 460,000 barrels of oil into the refinery produced 430,000 barrels of gasoline it takes 3 days to convert oil into gas and the oil still in the refinery were 2/3 complete Labor costs at the refinery $800,000 overhead costs at the refinery $125000 395000 barrels of gasoline was sold to the public 2023 purchased 500,000 barrels of oil at $75 per barrel transferred 510,000 barrels of oil into the refinery produced 512000 barrels of gasoline it takes 3 days to convert oil into gas and the oil still in the refinery was 1/3 complete labor costs at the refinery $802000 overhead costs at the refinery $130,000 sold 502000 barrels of gasoline to the public 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 GASOUNE 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
