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 companys production schedule for May: Tons of Pulp Percent Completed Materials Conversion Work-in-Process Inventory, May 1 4,000 100% 50% Started during May 12,000 Units to account for 16,000 Units from beginning Work-in-Process, which were completed and transferred out during May 4,000 Started and completed during May 7,200 Work-in-Process Inventory, May 31 4,800 100% 50% Total units accounted for 16,000 The following cost data are available: Work-in-Process Inventory, May 1 Direct materials $ 61,280 Conversion 7,256 Costs incurred during May Direct materials 180,480 Conversion 301,600

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.