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 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required: 10,000 100,000 ? 15,000 $ 1,500 $ 7,200 $ 154,500 $ 90,800 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 equivalent units of production for materials and conversion for May. Equivalent units of production Materials 107,000 Conversion 98,000 Required 1 Required 2 Required 3 Required 4 Required 5 Compute the cost per equivalent unit for materials and conversion for May. (Round your answers to 2 decimal places.) Materials Cost per equivalent unit $ 1.46 $ Conversion 0.00 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 $ 12,000 $ 3,000 $ 17,520 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 $ 95,000 $ 95,000 $ 138,700 x Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.) Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory $ 8,700 Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: 245,700 x $ 254,400 Cost of ending work in process inventory $ 17,520 x Cost of units completed and transferred out Total cost accounted for 138,700 x $ 156,220