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 Conversion costs $ 980 302 Current period costs Direct materials Conversion costs 12,208 7,788 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 550 units (70% complete as to materials, 60% complete as to conversion) 4,200 units 1,100 units (50% complete as to materials, 20% 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. Lonversion costs 382 Current period costs Direct materials 12,208 Conversion costs 7,788 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 550 units (70% complete as to materials, 60% complete as to conversion) 4,200 units 1,100 units (Sex complete as to materials, 20% 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 Direct materials Conversion costs 12,208 7,788 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 550 units (70% complete as to materials, 60% complete as to conversion) 4,200 units 1,100 units (Sex complete as to materials, 20% 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 cost per ebivalent 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