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Builder Products, Incorporated, uses the weighted-average method of process costing. It manufactures a caulking compound...

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Question

Accounting

Builder Products, Incorporated, uses the weighted-average method of process costing. 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 ,67,000
Pounds started into production during May 320,000,
Pounds completed and transferred out?
Pounds in process, May 31 ; materials 75% complete; conversion
25% complete 27,000
Cost data:
Work in process inventory, May 1:
Materials cost $78,500
Conversion cost ,$20,300
Cost added during May:
Materials cost $408,220
Conversion cost ,$111,730
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.
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