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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 58,000 Conversion cost 37,000

The following cost information is available for July for the Crest Plant at Calvert Company:

Beginning work-in-process inventory
Materials cost $ 58,000
Conversion cost 37,000
Total $ 95,000
Current costs
Materials cost $ 140,000
Conversion cost 390,000
Total $ 530,000

Materials are added at the beginning of the process. The following quantities have been recorded:

  • Beginning inventory, 42,000 partially complete gallons, 45 percent complete with respect to conversion costs.
  • Units started in July, 82,000 gallons.
  • Units transferred out in July, 92,000 gallons.
  • Ending inventory, 32,000 gallons, 60 percent complete with respect to conversion costs.

Required:

Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method.

Note: Round your answers to 2 decimal places.

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