Comprehensive Problem-Weighted Average Method-Villa Products, located in Chicago, uses the weighted-average method in its process costing system. It manufactures a product called Worzel that goes through three processing stages prior to completion. Information on work in the first department, Cleaning, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May 100,000 350.000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data: 30,000 Work in process inventory, May 1 Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required (SHOW YOUR WORK): $ 88,400 $22,240 $400,000 $80,000 L 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. 4. 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. 5. Prepare a cost reconciliation report for May. 6 7. 8. Prepare the journal entry to record the material and conversion costs added to production this period (assume conversion costs are 40% direct labor costs and 60% overhead costs) Prepare the journal entry to record the cost of the units completed and transferred out to the Mixing Department Prepare a T-account for the WIP account for the Cleaning Department