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 87,000 Pounds started into production during May 520,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 75% complete; conversion 25% complete 47,000 Cost data:
Work in process inventory, May 1: Materials cost $ 142,100 Conversion cost $ 63,300 Cost added during May: Materials cost $ 738,870 Conversion cost $ 348,360