Reference no: EM132984316

Builder Products, Inc., 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:

Production data:

Pounds in process, May 1; materials 100% complete;
conversion 90% complete 82,000

Pounds started into production during May 470,000

Pounds completed and transferred out ?

Pounds in process, May 31; materials 70% complete;
conversion 30% complete 42,000

Cost data:
Work in process inventory, May 1:
Materials cost $ 152,300
Conversion cost $ 52,300

Cost added during May:
Materials cost $ 791,650
Conversion cost $ 287,390

Required:

Problem 1. Compute the equivalent units of production for materials and conversion for May?

Problem 2. Compute the cost per equivalent unit for materials and conversion for May? (Round your answers to 2 decimal places.)

Problem 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May? (Round your intermediate calculations to 2 decimal places.)

Problem 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May? (Round your intermediate calculations to 2 decimal places.)

Problem 5. Prepare a cost reconciliation report for May? (Round your intermediate calculations to 2 decimal places.)