Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 287 Current period costs Direct materials Conversion costs 11,285 7,287 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 500 units (60% complete as to materials, 56% complete as to conversion) 4,100 units 1,000 units (40% complete as to materials, 15% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Compute the equivalent units for the materials and conversion cost calculations. Equivalent units for materials Equivalent units for conversion costs Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.) Cost Per Equivalent Unit Direct materials Conversion costs Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.) Cost of goods transferred out Cost of ending inventory