Builder Products Inc uses the weightedaverage method in its

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: Pounds in process, May 1; materials 1008 conplete; 62,000 270,000 conver ion 90% complete Pounds started into production during Hay Pounds completed and transferred out Pounds in process, May 31; materials 70% complete ; conversion 30% complete 22,000 Cont data Nork in process inventory, May 1: Materials cont Conversion cost Cost added during May Materials cost Conversion cost $ 55,100 $ 26,B00 $286,570 $147,330 Required: 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 i n the tabs below RequiredRequired 2Required 3 Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May Equivalent units of production Required 2 >

Solution

Given information -

Requirement 1 - Calculation of equivalent units -

Requirement 2 -

Requirement 3

Calcualtion of Ending WIP inventory for material, conversion and in total for may -

Requirement 4

Requirment 5

Reconciliation -

Pleaes comment in case of further clarification required.

		Percent complete
Particulars	Physical Units	Material	Conversion
WIP, Beginning	62000	100%	90%
Started into production	270000
Completed and transferred out	310000
WIP, Closing	22000	70%	30%