The PVC Company manufactures a high-quality plastic pipe 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 to the next department . . . . . . . . ?
Pounds in process, May 31: materials 75% complete;
Conversion 25% complete . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Cost data:
Work in process inventory, May 1:
Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $86,000
Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36,000
Cost added during May:
Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $447,000
Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $198,000
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.
3. Determine the cost of ending work in process inventory and of the units transferred out to the next department.
4. Prepare a cost reconciliation report for the month.