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The Hogwarts Oil Company began business on January Ist 2022. During 2022 and 2023 Hogwarts incurred the following 2022 Purchased 1,000,000 barrels of iol at

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The Hogwarts Oil Company began business on January Ist 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 retinery $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 oit 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 COMPL. C) USING FIFO PROCESS COSTING DETERMINE THE COST OF A BARREL OF GASOLINE STARTED AND FINISHED IN 20 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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