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 WorkinProcess Inventory, May 1 4,000 100% 50% Started during May 14,000 Units to account for 18,000 Units from beginning WorkinProcess, which were completed and transferred out during May 4,000 Started and completed during May 8,400 WorkinProcess Inventory, May 31 5,600 100% 50% Total units accounted for 13,000 The following cost data are available: WorkinProcess Inventory, May 1 Direct materials $ 54,460 Conversion 171,632 Costs incurred during May Direct materials 218,960 Conversion 264,000 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 equivalent units of direct materials and conversion during May. Use the FIFO method. Direct Materials _ 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.)