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 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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