Question

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		88,000
Pounds started into production during May		530,000
Pounds completed and transferred out		?
Pounds in process, May 31; materials 60% complete; conversion 40% complete		65,000
Cost data:
Work in process inventory, May 1:
Materials cost	$	106,000
Conversion cost	$	59,700
Cost added during May:
Materials cost	$	551,120
Conversion cost	$	328,230

I want help on just doing Number 5. Thanks!

5. Prepare a cost reconciliation report for May.

Answer 1

		Material	Conversion	Total
1)	Equivalent Units	592,000	579,000
2)	Cost per equivalent unit	1.11	0.67
3)	Cost of Ending WIP	43,290	17,420	60,710
4)	Cost of Transferred Units	613,830	370,510	984,340
5)	Cost Reconciliation Report
	Costs to be accounted for:
		Total	Material	Conversion
	Costs in beginning inventory	165,700	106,000	59,700
	Cost added during the year	879,350	551,120	328,230
	Total cost to account for	1,045,050	657,120	387,930
		Total	Material	CC
	Cost Accounted for
	Units completed and transfer	984,340	613,830	370,510
	Units in ending inventory	60,710	43,290	17,420
	Total Cost Accounted for	1,045,050	657,120	387,930
	Builder products inc.
	Production Cost Report
	Working Note 1:
		Actual Units
	Calculation of Physical UNITS:
	Units in beginning inventory	88,000
	Units started during the period	530,000
	Units to be accounted for	618,000
		Actual Units	Equivalent Units
			Material	Conversion
	Units Completed and Transferred	553000	553000	553000
	Units in ending inventory	65000	39000	26000
	Total accounted for	618000	592000	579000
	Working Note 2:
	Costs to be accounted for:
		Total	Material	Conversion
	Costs in beginning inventory	165,700	106,000	59,700
	Cost added during the year	879,350	551,120	328,230
	Total cost to account for	1,045,050	657,120	387,930
	Equivalent Units from above		592000	579000
	Cost per equivalent unit		1.11	0.67