Production data:

Pounds in process, May $1$; materials $100\%$ complete;

conversion $90\%$ complete

Pounds started into production during May $73,000$

Pounds completed and transferred out $380,000$

Pounds in process, May $31$; materials $80\%$ complete;

conversion $20\%$ complete

Cost data:

Work in process inventory, May $1$:

Materials cost

Conversion cost $ $$111,600$

Cost added during May: $ $55,800$

Materials cost

Conversion cost

$$580,320$

$$306,810$

Required:

For May:

Compute the equivalent units of production for materials and conversion.

Compute the cost per equivalent unit for materials and conversion.

Compute the cost of ending work in process inventory for materials, conversion, and in total.

Compute the cost of units transferred out to the next department for materials, conversion, and in total.

Prepare a cost reconciliation report.