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
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 | 65,000 | |
| Pounds started into production during May | 300,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 80% complete; conversion 20% complete | 25,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 73,200 |
| Conversion cost | $ | 24,400 |
| Cost added during May: | ||
| Materials cost | $ | 380,400 |
| Conversion cost | $ | 134,300 |
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Required:
1. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May. (round to 2 decimal places)
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