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Builder Products, Incorporated, uses the weighted - average method in its process costing system. It manufactures a caulking compound that goes through three processing stages

Builder Products, Incorporated, 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 1008 complete;
Conversion 908 complete 72,000
Pounds started into production during May 370,000
Pounds completed and transferred out
Pounds in process, May 31; materials 60% complete;
conversion 40% complete
32,000
Cost data:
Work in process inventory, May 1:
Materials cost
Conversion cost
Cost added during May:
Materials cost
Conversion cost
$72,700
$48,800
$377,960
$268,300
Required:
Compute the equivalent units of production for materials and conversion for May.
Compute the cost per equivalent unit for materials and conversion for May.
Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
Prepare a cost reconciliation report for May.
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Compute the equivalent units of production for materials and conversion for May.
\table[[Equivalent units of production,Materials,Conversion]]
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