uilder Products, Inc., 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:

Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 70,000 Pounds started into production during May 350,000 Pounds completed and transferred out ? Pounds in process, May 31: materials 70% complete; conversion 30% complete 30,000 Cost data: Work in process inventory, May 1: Materials cost $ 86,900 Conversion cost $ 39,300 Cost added during May: Materials cost $ 451,510 Conversion cost $ 216,060

The company uses the weighted-average method.

Required:

1. Compute the equivalent units of production.

2.

Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.)

3.

Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places.)

4.

Prepare a cost reconciliation report for the month.

How do i solve this using the fifo method?