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:Production data:Pounds in process, May 1; materials 100% complete; conversion 90% complete 83,000Pounds started into production during May 480,000Pounds completed and transferred out ?Pounds in process, May 31; materials 75% complete; conversion 25% complete 43,000Cost data:Work in process inventory, May 1:Materials cost $128,300Conversion cost $53,900Cost added during May:Materials cost $666,940Conversion cost $296,395Required:1. Compute the equivalent units of production for materials and conversion for May2. Compute the cost per equivalent unit for materials and conversion for May3. Compute the cost of ending work in process inventory for materials, conversion and in total for May4. Compute the cost of units transferred out to the next department for materials, conversion and in total for May5. Prepare a cost reconciliation report for May