Builder Products, Incorporated, 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 Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required: 65,000 300.000 ? 25,000 $ 73,200 $ 24,400 $ 380,400 $ 134,300 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process Inventory for materials, conversion, and in total for May. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May 5. Prepare a cost reconciliation report for May. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.) Costs to be accounted for: Cost Reconciliation Total cost to be accounted for Costs accounted for as follows:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Builder Products, Incorporated, 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
Pounds started into production during May
Pounds completed and transferred out
Pounds in process, May 31; materials 80% complete;
conversion 20% complete
Cost data
Work in process inventory, May 1:
Materials cost
Conversion cost
Cost added during May:
Materials cost
Conversion cost
Required:
65,000
300,000
25,000
$ 73,200
$ 24,400
$ 380.400
$ 134, 38G
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process Inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and In total for May.
5. Prepare a cost reconciliation report for May.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Required 4 Required 5
Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.)
Costs to be accounted for:
Cost Reconciliation
Total cost to be accounted for
Costs accounted for as follows:
S
Total cost accounted for
Required 4
Required
Transcribed Image Text:Builder Products, Incorporated, 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 Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required: 65,000 300,000 25,000 $ 73,200 $ 24,400 $ 380.400 $ 134, 38G 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process Inventory for materials, conversion, and in total for May. 4. Compute the cost of units transferred out to the next department for materials, conversion, and In total for May. 5. Prepare a cost reconciliation report for May. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.) Costs to be accounted for: Cost Reconciliation Total cost to be accounted for Costs accounted for as follows: S Total cost accounted for Required 4 Required
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