Response to the following problem:
Production data: Pounds in process, May 1:
materials 100% complete; conversion 90% complete 70,000
Pounds started into production during May 350,000
Pounds completed and transferred to the next department ?
Pounds in process, May 31:
materials 75% complete; conversion 25% complete 40,000
Cost data:
Work in process inventory, May 1:
Materials cost $ 86,000
Conversion cost $ 36,000
Cost added during May:
Materials cost $ 447,000
Conversion cost $ 198,000
1.) Compute the equivalent units of production.
2.) Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.)
3.)Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.)
4.) Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.)