$21,600 20,150 Direct material Conversion Costs incurred during May: Direct material Conversion $67,500 95,000 The equivalent units of activity for May were as follows: 8,250 equivalent units of direct material, and 23,500 equivalent units of conversion activity Required: Calculate the cost per equivalent unit for both direct material and conversion during May. Use weighted average process costing EXERCISE 2 Weighted average cost and FIFO: manufacturer The following data relate to Twilight Manufacturing Ltd: During July, 133,500 units were completed and transferred out. Work in process, I July: Direct material Conversion Costs incurred during July Direct material Conversion complete as to direct material; 35% complete as to conversion The equivalent units for July were as follows: 15,000 units* S16,350 43,425 S169,050 240,300 Weighted average Direct material Conversion Required FIFO 139,500 140,250 154,500 ,145,500 1. Calculate each of the following amounts using weighted average process costing (a) cost of goods completed during July (b) cost of the 31 July work in process inventory Repeat requirement 1 using the FIFO method. 2. 4