The Fabric Department of Vtements Ltd., 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: 100% complete
Conversion costs: 60% 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.)

2. Calculate the cost of 236,000 units transferred out in May.

3. Calculate the cost of ending inventory in May. (Do not round intermediate calculations.)

\begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ Physical Units } & \multicolumn{6}{|c|}{ Equivalent Units Processed } \\ \hline & \multirow{3}{*}{ To account for } & \multirow{3}{*}{ Accounted for } & \multirow{2}{*}{\multicolumn{3}{|c|}{(EU=DOCPhysicalunits)DirectMaterials}} & \multirow{2}{*}{\multicolumn{3}{|c|}{\begin{tabular}{c} Conversation Cost \\ (EU = DOC Physical units \end{tabular}}} \\ \hline & & & & & & & & \\ \hline & & & DOC & & EU & DOC & & EU \\ \hline Beginning work in process & & & & % & & & % & \\ \hline \multicolumn{9}{|l|}{ Poduction activity in the period: } \\ \hline Beginning work in process & & & & % & & & % & \\ \hline \multicolumn{9}{|l|}{ Started into production } \\ \hline Started and completed & & & & % & & & % & \\ \hline \multicolumn{9}{|l|}{ Completed units } \\ \hline Ending work in process & & & & % & & & % & \\ \hline Total volume processed & & & WACM & & & WACM & & \\ \hline \multicolumn{9}{|l|}{ Less EU from beginning of period } \\ \hline Production volume in EU for the period & & & FIFO & & & FIFO & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Cost in work process, beginning }} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Costs added in the period } \\ \hline \multicolumn{9}{|l|}{ Total costs to account for } \\ \hline \multicolumn{9}{|l|}{ EU produced in May } \\ \hline Cost per EU & & & & & & & & \\ \hline \end{tabular}