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Builder Products, Inc., manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is

Builder Products, Inc., manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:

Production data:
Pounds in process, May 1; materials 100% complete; conversion 90% complete 71,000
Pounds started into production during May 360,000
Pounds completed and transferred out ?
Pounds in process, May 31: materials 75% complete; conversion 25% complete 31,000
Cost data:
Work in process inventory, May 1:
Materials cost $ 90,100
Conversion cost $ 46,400
Cost added during May:
Materials cost $ 468,590
Conversion cost $ 255,335

The company uses the weighted-average method.

Required:
1. Compute the equivalent units of production.

2.

Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.)

3.

Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places.)

4.

Prepare a cost reconciliation report for the month. (Round your intermediate calculations to 2 decimal places.)

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