4 30 points Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company's production schedule for May: Percent Completed Tons of Pulp Materials Conversion Work-in-Process Inventory, May 1 5,000 100% 508 Started during May 12,000 Units to account for 17,000 Units from beginning Work-in-process, which were completed and transferred out during May 5,000 Started and completed during May 7,200 Work-in-Process Inventory, May 31 4,800 1003 50% Total units accounted for 17,000 eBook Print The following cost data are available: References Work-in-Process Inventory, May 1 Direct materials Conversion Costs incurred during May Direct materials Conversion $ 70,850 107,586 188, 400 244, 420 Required: 1. Calculate the equivalent units of direct materials and conversion during May. Use the FIFO method. 2. Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost per equivalent unit for both direct materials and conversion during May. Use the FIFO method. (Round your answers to 2 decimal places.) Costs per Equivalent Unit Direct Materials Conversion