A standard 5-gallon bucket of pre-mixed all-purpose joint compound contains roughly 4.5 gallons of usable product (the rest is air space). At a typical tape-coat rate of 100 sq ft per gallon, one bucket covers about 450 sq ft for the first coat. For a finish coat at 200 sq ft per gallon, the same bucket covers around 900 sq ft. Most projects need multiple coats, so plan on one bucket per 150–200 sq ft of drywall for a complete 3-coat finish.

Pre-mixed (all-purpose) compound comes ready to use, dries by water evaporation, and can be re-wetted and reworked. Setting compound (hot mud) comes as a powder you mix with water; it hardens by a chemical reaction and cannot be re-wetted. Setting compound sets faster (20–90 minutes depending on the type), shrinks less, and is much harder when cured — ideal for first coats, deep fills, and repairs. Pre-mixed is easier to sand and better for finish coats.

Most professional drywall finishes use three coats: a tape coat to embed the paper tape, a second (fill) coat to build up and flatten, and a finish coat to create a smooth surface ready for painting. Two-coat applications work for textured finishes that hide imperfections. A single coat is only appropriate for areas that will be heavily textured or covered by trim.

Paper tape is stronger and less prone to cracking, making it the professional choice for flat seams and inside corners. Fiberglass mesh tape is self-adhesive and faster to apply, but it requires setting compound (not pre-mixed) on the first coat to prevent cracking over time. Mesh tape is convenient for repairs and outside corners but is generally not recommended for long flat seams on ceilings or walls.