Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5)
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost	$65,500
Conversion cost	44,500
Total	$110,000
Current costs
Materials cost	$215,000
Conversion cost	465,000
Total	$680,000
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs.
Units started in July, 89,500 gallons.
Units transferred out in July, 99,500 gallons.
Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs.
Required:
Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method.
Note: Round your answers to 2 decimal places.