Chapter 4 GRADED Lab due October 15th at 11:45 pm i Saved 4 The Fabric Department of Vetements Lid., a producer of fabric for Broadway Shows, has the following information regarding costs and output for May: Units : Costs : Opening work-in-process inventory: 0 units Direct materials: $1, 121,000 started and completed: 236,000 units Direct labour: $69, 000 Started and still in process at May 31: 59,000 units Factory overhead: $623, 070 Direct materials: 1008 complete Conversion costs: 608 complete The company uses the FIFO method of process costing. Required: 1. Prepare a quantity schedule showing the computation of the equivalent units of production for May. The company is interested in learning if there will be a difference between the WACM and FIFO approaches for data for May. (Round cost per equivalent unit to 2 decimal places.) Physical Units Equivalent Units Processed Direct Materials Conversation Cost To account for Accounted for (EU = DOC*Physical units) (EU = DOC*Physical units) DOC EU DOC EU Beginning work in process 0 0% 0 % Poduction activity in the period: Beginning work in process of 0 0 % 0% Started into production Started and completed % Completed units Ending work in process % Total volume processed o C WACM 0 WACM Less EU from beginning of period Production volume in EU for the period FIFO FIFO Cost in work process, beginning Costs added in the period Total costs to account for $ EU produced in May Cost per EU Prey 4 of 4 NextEU produced In May Cost per EU 2. Calculate the cost of 236,000 units transferred out in May. Transferred out in May 3. Calculate the cost of ending inventory in May. (Do not round intermediate calculations.) Ending inventory in May