Crafty Paint prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Read the requirements. Requirement 1. Fill-in the time line for the Blending Department. Requirement 2. Summarize the physical flow of units and compute total equivalent units for direct materials and for conversion costs. (For entries with a 0 balance, make sure to enter "0" in the appropriate column.) Requirement 3. Summarize total costs to account for and find the cost per equivalent unit for direct materials and for conversion costs. (For entries with a $0 balance, make sure to enter " 0 " in the appropriate cell(s). Enter the cost per equivalent unit to two decimal places.) Requirement 4. Assign total costs to units (gallons): (a) Completed and transferred out to the Packaging Department and (b) In the Blending Department ending work in process inventory. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Blending Department Month Ended May 31 Requirement 5. What is the average cost per gallon transferred out of the Blending Department to the Packaging Department? Why would the company's managers want to know this cost? First, identify the labels to compute the average cost per gallon transferred out, then compute the average cost per gallon transferred out of the Blending Department to the Packaging Department. (Round your answer to two decimal places.) Why would Crafty Paint's managers want to know this cost? Managers will want to know this cost to compare it to their They may also use the cost information when Data table