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 Conversion costs Current period costs Direct materials Conversion costs $ 975 542 23,520 16,555 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 750 units (60% complete as to materials, 56% complete as to conversion) Current period units started Ending inventory 5,800 units 2,000 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.