Pablo Company calculates the cost for an equivalent unit of production using process costing.

Work-in-Process Inventory, June 1: 30,000 units
Direct materials: 100% complete..........................................$ 60,000
Conversion: 40% complete.......................................................25,000
Balance in Work-in-Process, June 1......................................$ 85,000
Units started during June..........................................................70,000
Units completed and transferred out.....................................70,000
Work-in-Process Inventory, June 30.........................................30,000
Direct materials: 100% complete
Conversion: 80% complete
Costs incurred during June
Direct materials......................................................................$122,500
Conversion costs
Direct labor...............................................................................119,720
Applied overhead.....................................................................179,580
Total conversion costs...........................................................$299,300

Required

1. Compute the costs per equivalent unit for both the weighted-average and FIFO methods. (Round the cost per equivalent unit to four decimal places)

2. Explain the difference between the FIFO and weighted-average equivalent unit costs.