Builder Products, Inc., uses the weighted-average method in its process costing system. It 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 82,000

Pounds started into production during May 470,000

Pounds completed and transferred out ?

Pounds in process, May 31; materials 70% complete;

conversion 30% complete 42,000

Cost data:

Work in process inventory, May 1:

Materials cost $ 152,300

Conversion cost $ 52,300

Cost added during May:

Materials cost $ 791,650

Conversion cost $ 287,390

Required:

1. Compute the equivalent units of production for materials and conversion for May?

2. Compute the cost per equivalent unit for materials and conversion for May? (Round your answers to 2 decimal places.)

3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May? (Round your intermediate calculations to 2 decimal places.)

4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May? (Round your intermediate calculations to 2 decimal places.)

5. Prepare a cost reconciliation report for May? (Round your intermediate calculations to 2 decimal places.)

Cost Reconciliation

Costs to be accounted for:

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Total cost to be accounted for ?

Costs accounted for as follows:

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Total cost accounted for ?