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 Materials Conversion 100% 50% Tons of Pulp 2,000 12,000 14,000 Work-in-Process Inventory, May 1 Started during May Units to account for 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 2,000 7,200 4,800 14,000 100% 50% The following cost data are available: $ 30,740 55, 524 Work-in-Process Inventory, May 1 Direct materials Conversion Costs incurred during May Direct materials Conversion 184,440 263,940 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