Problem 6-38 FIFO Method [LO 6-2, 6-5) 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 3,000 100% 50% Started during May 12,000 Units to account for 17,000 COS Units from beginning Work-in-Process, which were completed and transferred out during May Started and completed during May Work in Process Inventory, May 31 Total units accounted for 5,000 7,200 4,800 17,000 100% 50% The following cost data are available: Work-in-Process Inventory, May 1 Direct materials Conversion costs incurred during May Direct materials Conversion $ 83,640 95,776 187,680 264,990 Work-in-Process Inventory, May 1 Direct materials Conversion costs incurred during May Direct materials Conversion $ 83,640 95,776 187,680 264,990 Required: 1. Calculate the equivalent units of direct materials and conve on 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 equivalent units of direct materials and conversion during May. Use the FIFO method. Equivalent Units Direct Materials Conversion Required 2 >