Exercise 8-37 (Algo) Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-2, 3) The following cost information is avallable for July for the Crest Plant at Calvert Company: Materials are added at the beginning of the process. The following quantities have been recorded: - Beginning inventory, 46,000 partially complete gallons, 85 percent complete with respect to conversion costs. - Units started in July, 86,000 gallons. - Units transferred out in July, 96,000 gallons. - Ending inventory, 36,000 gallons, 30 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places