! Required information [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 $ 955 Conversion costs 482 Current period costs Direct materials Conversion costs 16,310 13,566 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 550 units (60% complete as to materials, 56% complete as to conversion) 5,400 units 1,600 units (40% complete as to materials, 30% complete as to conversion) 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.