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The Hershey Company recently introduced its "Cocoa for Good" campaign, in which the company will...

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Accounting

The Hershey Company recently introduced its "Cocoa for Good" campaign, in which the company will invest $500 million to help sustainable cocoa efforts. Hershey's chocolates use cocoa as a raw material, along with sugar and milk, to produce chocolate bars and other products.
At the end of an accounting period, Hershey's needs to value its work in process inventory. Suppose total product cost for the period is $12,000,000, and Hershey's was able to start and finish 5,000,000 gallons of chocolate and there are 714,870 gallons in production. The operations department estimates these 714,870 gallons are 49% complete. Assume beginning balances are $0.
What is the estimated value of each gallon of chocolate?

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