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	$	976
Conversion costs		272
Current period costs
Direct materials		11,440
Conversion costs		6,644

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory

600

units

(60% complete as to materials, 53% complete as to conversion)

Current period units started

4,000

units

Ending inventory

1,200

units

(40% complete as to materials, 20% complete as to conversion)

(1) Compute the equivalent units for the materials and conversion cost calculations.

Equivalent units for materials
Equivalent units for conversion costs

2) 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