Fraley Chemical Company accounts for its production activities using weighted average (WA) process costing. Inventory records...

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Fraley Chemical Company accounts for its production activities using weighted average (WA) process costing. Inventory records for the process show a January 1 work-in-process inventory of 10,000 gallons, 80 percent complete as to materials and 40 percent complete as to conversion. The January 31 inventory consisted of 15,000 gallons, 60 percent complete as to materials and 20 percent complete as to conversion. In January, 40,000 gallons were completed and transferred to the finished goods inventory. Costs in the Work-in-Process Inventory account in January are as follows: Materials Conversion Total $ 1,920 8,405 $10.325 $ 2,592 Costs in beginning inventory Costs added this period Total cost to be accounted for $ 672 5,694 $6.366 14,099 $16,691 a. Using weighted average (WA) process costing, calculate the equivalent units (in gallons) for January. b. Using weighted average (WA) process costing, calculate the cost per equivalent unit for January. (keep answers to 3 decimal points for calculation of part c) c. Using weighted average (WA) process costing, calculate the cost of the 40,000 gallons that were completed and transferred out in January. Show your calculations. Fraley Chemical Company accounts for its production activities using weighted average (WA) process costing. Inventory records for the process show a January 1 work-in-process inventory of 10,000 gallons, 80 percent complete as to materials and 40 percent complete as to conversion. The January 31 inventory consisted of 15,000 gallons, 60 percent complete as to materials and 20 percent complete as to conversion. In January, 40,000 gallons were completed and transferred to the finished goods inventory. Costs in the Work-in-Process Inventory account in January are as follows: Materials Conversion Total $ 1,920 8,405 $10.325 $ 2,592 Costs in beginning inventory Costs added this period Total cost to be accounted for $ 672 5,694 $6.366 14,099 $16,691 a. Using weighted average (WA) process costing, calculate the equivalent units (in gallons) for January. b. Using weighted average (WA) process costing, calculate the cost per equivalent unit for January. (keep answers to 3 decimal points for calculation of part c) c. Using weighted average (WA) process costing, calculate the cost of the 40,000 gallons that were completed and transferred out in January. Show your calculations.

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