Problem 1 - Comprehensive Problem-Weighted-Average Method - 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: 69,000 340,000 ? 15,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost $ 78,000 $ 15,300 $ 405,140 $ 83,950 Required (SHOW YOUR WORK): 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. PROBLEM 2 - Process Costing Journal Entries - Chocolaterie de Geneve, SA, is located in a French-speaking canton in Switzerland. The company makes chocolate truffles that are sold in popular embossed tins. The company has two processing departments-Cooking and Molding. In the Cooking Department, the raw ingredients for the truffles are mixed and then cooked in special candy-making vats. In the Molding Department, the melted chocolate and other ingredients from the Cooking Department are carefully poured into molds and decorative flourishes are applied by hand. After cooling, the truffles are packed for sale. The company uses a process costing system. The T-accounts below show the flow of costs through the two departments in April: Credit 763,000 Balance 4/1 Direct materials Direct labor Overhead Work in Process-Cooking Debit 11,000 Transferred out 332,000 265,000 192,000 Credit 979,000 Balance 4/1 Transferred in Direct labor Overhead Work in Process-Molding Debit 16,000 Transferred out 763,000 125,000 88,000 Required: Prepare journal entries showing the flow of costs through the two processing departments during April