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. $ 1,800 437 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 15,995 13,992 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 400 units (70% complete as to materials, 554 complete as to conversion) 5, 100 units 1,300 units (50% complete as to materials, 20% 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