Builder Products, Incorporated, 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 Pounds started into production during May 64,000 290,000 Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 40% complete 24,000 Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost $ 69,500 $ 23,500 $ 361,000 $ 129,320