Nestl uses process costing for its chocolate production. The following information is provided for the month of May 2024: Beginning Work in Process: 2,500 units

Nestlé uses process costing for its chocolate production. The following information is provided for the month of May 2024:
•Beginning Work in Process: 2,500 units (40% complete)
•Units started: 9,000 units
•Ending Work in Process: 3,000 units (50% complete)
•Costs: Beginning WIP ($20,000), Added during the month ($100,000)
Required:
1.Calculate the equivalent units of production for May.
2.Determine the cost per equivalent unit.
3.Prepare the cost reconciliation for May.