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 69,000Pounds started into production during May 340,000Poundscompleted and transferred out ?Poundsin process, May 31:materials 80% complete;conversion 20% complete 15,000Cost data: Work inprocess inventory, May 1: Materials cost $78,000Conversioncost $15,300Costadded during May: Materials cost $405,140Conversioncost $83,950The company uses the weighted-average method. Required:1. Compute the equivalent units of production.2. Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.)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.)4. Prepare a cost reconciliation report for the month. (Round your intermediate calculations to 2 decimal places.)