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: Percent Completed Tons of Pulp Materials Conversion Work-in-Process Inventory, May 1 5,000 100 % 50 % Started during May 18,000 Units to account for 23,000 Units from beginning Work-in-Process, which were completed and transferred out during May 5,000 Started and completed during May 10,800 Work-in-Process Inventory, May 31 7,200 100 % 50 % Total units accounted for 23,000 The following cost data are available: Work-in-Process Inventory, May 1 Direct materials $ 82,100 Conversion 61,342 Costs incurred during May Direct materials 283,140 Conversion 358,280 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.