(Solved): The Fabric Department of Vtements Ltd., a producer of fabric for Broadway Shows, has the followin ...

The Fabric Department of Vêtements Ltd., a producer of fabric for Broadway Shows, has the following information regarding costs and output for May: 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 238,000 units transferred out in May. 3. Calculate the cost of ending inventory in May. (Do not round intermediate calculations.)