I am also thinking that I can run two separate UFB 12/2 cables in the same conduit. The conduit size will be 1". Is this ok according to code?
I don't recommend cable in conduit. It requires huge conduit.
Let's crunch the numbers. When you put cables in a conduit, you must look at the widest dimension of the cable. For 12/2UF that is 0.463 inches.
With 2 identical-width cables in a conduit, minimum conduit ID is 254% of that width (and that is a shortcut; I've precomputed a bunch of stuff). So 0.463x2.54 = 1.176" diameter (ID). That pushes you into 1-1/4" conduit.
Preferred method: trench a 1/2" conduit, and effortlessly fish a black, red, white, gray and green THWN-2
individual wire into it. Red/gray are circuit 2's hot/neutral. Green is the shared ground. It's OK to use another black/white pair, but they must be bundled or marked somehow to tell them apart.
One for lights and one for outlets.
ONLY IF the lights are switched from the house. You're up against NEC 225.30, the Highlander Rule. There can be only one circuit feeding an outbuilding.
- Unless the 2 circuits are of different voltages. So a 120V, a 240V-only, and a 120/240V MWBC (giving two 120V sub-circuits) are all counted as different voltages.
- Or the circuits have different characteristics. Circuit 1 is tools. Circuit 2 is lights
and it's switched from the house. Circuit 3 is well pump, and it's
switched on/off by the pressure switch in the house. Different characteristics.