Kimbeth Manufacturing uses a process cost system to manufacture Dust Density for the mining industry. The following information pertains to operations for the month of May 2015:

Units

Beginning work-in-process, May 1 16,000

Started in production during May 100,000

Completed production during May 92,000

Ending work-in-process inventory, May 31 24,000

The beginning inventory was 60% complete for materials and 20% for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs.

Costs pertaining to the month of May are as follows:

Beginning inventory costs are materials, $54,560; conversion costs $35,560.

Costs incurred during May are materials used, $468,000; conversion costs $574,040.

Using the weighted-average method, prepare a complete production cost report showing the computations of:

1) equivalent units of production for materials and conversion costs,

2) the costs per equivalent unit for materials and conversion costs for the month,

3) the cost of ending work-in-process inventory and the cost of the units transferred out to the next department, and

4) a cost reconciliation report for the month.