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 5.000 100% Started during May 12,000 Units to account for 17,000 50x 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% The following cost data are available Work-in-Process Inventory, Max 1 Direct materialu Conversion Costs incurred during May Direct materials Conversion 53,640 95,776 187,600 266,990 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 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. Equivalent Units Direct Materials Conversion Required 2 > 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 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.) Costs per Equivalent Unit Direct Materials Conversion