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 80,000 Pounds started into production during May 450,000 Pounds completed and transferred out Pounds in process, May 31 materials 60 complete conversion 40 complete 40,000 Cost data Work in process inventory, May 1 Materials cost $ 116,900 Conversion cost $ 35,800 Cost added during May Materials cost $ 607,840 Conversion cost $ 196,960 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 3 Compute the cost of ending work in process inventory for materials, conversion, and in total for May 4 Compute the cost of units transferred out to the next department for materials, conversion, and in total for May 5 Prepare a cost reconciliation report for May Required 1 Required 2 Required 3 Required 4 Required 5 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 ) Materials Conversion Total Cost of ending work in process inventory $ 724,740 X $ 232,760 X $ 957,500 X Required 1 Required 2 Required 3 Required 4 Required 5 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 ) Materials Conversion Total Cost of units completed and transferred out $ 33,840 X $ 7,360 X $ 41,200 X Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for May (Round your intermediate calculations to 2 decimal places ) Cost Reconciliation Costs to be accounted for $ 80,000 X 450,000 $ 530,000 Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows Cost of units completed and transferred out Cost of ending work in process inventory Total cost accounted for $ 490,000 40,000 X $ 530,000

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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

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		80,000
Pounds started into production during May		450,000
Pounds completed and transferred out		?
Pounds in process, May 31; materials 60% complete; conversion 40% complete		40,000
Cost data:
Work in process inventory, May 1:
Materials cost	$	116,900
Conversion cost	$	35,800
Cost added during May:
Materials cost	$	607,840
Conversion cost	$	196,960

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.

3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.

4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.

5. Prepare a cost reconciliation report for May.

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Required 1 Required 2 Required 3 Required 4 Required 5 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.) Materials Conversion Total Cost of ending work in process inventory $ 724,740 X $ 232,760 X $ 957,500 X Required 1 Required 2 Required 3 Required 4 Required 5 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.) Materials Conversion Total Cost of units completed and transferred out $ 33,840 X $ 7,360 X $ 41,200 X Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.) Cost Reconciliation Costs to be accounted for: $ 80,000 X 450,000 $ 530,000 Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Cost of units completed and transferred out Cost of ending work in process inventory Total cost accounted for $ 490,000 40,000 X $ 530,000