The PVC Company manufactures a high-quality plastic pipe 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 90,000 Pounds started into production during May 550,000 Pounds completed and transferred to the next department ? Pounds in process, May 31: materials 70% complete; conversion 30% complete 50,000 Cost data: Work in process inventory, May 1: Materials cost $ 152,300 Conversion cost $ 63,300 Cost added during May: Materials cost $ 791,450 Conversion cost $ 348,100 The company uses the weighted-average method.
Required:
1. Compute the equivalent units of production. Materials Conversion Equivalent units of production
2. Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.) Materials Conversion Cost per auivalent unit $ $
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.) Materials Conversion Total Cost of ending work in process inventory $ $ $ Cost of units completed and transferred out $ $ $
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.) Cost Reconciliation Costs to be accounted for: $ Total cost to be accounted for $ Costs accounted for as follows: $ Total cost accounted for $